‘I just bought SOL’ — Arthur Hayes after Solana price rebounds 500%

Arthur Hayes, the previous CEO of crypto derivatives exchange BitMEX, has “confessed” to buying Solanas SOL (SOL) at its possible local top, stressing his bullish outlook for the cryptocurrency.Fam I have something awkward I must admit.I simply bot $SOL, I know its a Sam-coin piece of dogshit L1 that at this point is simply a meme. SOLs rate has rallied 500% in 11 monthsHayes self-admitted SOL purchase happened after it had already rebounded 500% from its market bottom near $8 in December 2022. That is primarily due to a fractal analysis, which reveals SOLs overbought RSIs preceding 35%– 50% rate corrections throughout 2023, as shown below.SOL/ USD day-to-day cost chart.

Thank you for reading this post, don't forget to subscribe!

Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX, has “confessed” to buying Solanas SOL (SOL) at its possible local top, worrying his bullish outlook for the cryptocurrency.Fam I have something humiliating I need to admit.I just bot $SOL, I know its a Sam-coin piece of dogshit L1 that at this moment is just a meme. It is going up, and Im a degen.Lets Fucking Go!– Arthur Hayes (@CryptoHayes) November 2, 2023

SOLs rate has actually rallied 500% in 11 monthsHayes self-admitted SOL purchase occurred after it had actually already rebounded 500% from its market bottom near $8 in December 2022. In addition, the purchase came days after VanEck, a possession management company supervising $76.4 billion worth of assets, predicted a 10,600% SOL price rally by 2030, mentioning Solanas capability to record the market share of its leading layer-1 blockchain competitor, Ethereum.In addition, an analyst from FieryTrading anticipated that when Solana breaks the resistance at $38, it might be headed for another 150% increase.In October 2023 alone, SOL rate acquired an excellent 80% and just recently reached its 14-month high of around $46.75. SOL/USD year-to-date rate performance. Source: TradingViewHayes appeared to have purchased SOL around the very same $46.75 level. He expects the rate to continue increasing in the coming weeks, perhaps drawing his “degen” hints from Solanas ongoing scalability efforts.Solana most “overbought” since JanuaryHowever, fundamental and technical signals are warning of a possible 30% cost drop in November.Notably, SOLs unrelenting uptrend in recent months has actually pushed its day-to-day relative strength index (RSI), a momentum indicator, to its most overbought levels since January 2023. From a technical standpoint, overbought RSI readings trigger the underlying possessions to combine or remedy. In SOLs case, the possibility of going through a sharp correction in November looks more likely. That is mainly due to a fractal analysis, which reveals SOLs overbought RSIs preceding 35%– 50% rate corrections throughout 2023, as shown below.SOL/ USD day-to-day rate chart. Source: TradingViewIf this bear circumstance occurs, the next drawback target seems around its June– November 2022 assistance level near $30.25, down about 30% from existing rates. SOL/USD three-day cost chart. Source: TradingViewInterestingly, this level accompanies SOLs 200-3D rapid moving average (200-3D EMA; the blue wave in the chart above). A break listed below it could have SOL bears test the cryptocurrencys ascending trendline support near $26 as their next disadvantage target.Related: FTX and Alameda Research wallets send out $13.1 M in crypto to exchanges overnightThe $26 target, down about 37.50% from existing cost levels, was important in capping SOLs drawback attempts in June 2022. This article does not contain investment guidance or suggestions. Every financial investment and trading move involves danger, and readers must perform their own research study when making a choice.