BitMEX Co-Founder Sees Solana as the Next Big Altcoin
Arthur Hayes, co-founder and former CEO of BitMEX, has identified Solana as the most promising cryptocurrency to invest in during the altcoin season. Hayes expressed optimism about Solana’s price performance and future potential, hinting at a possible re-entry into the Solana market. He recommended that investors consider hopping back onto “the Solana train” as he expects a potential rise in the cryptocurrency soon.
Solana’s Price Movement
In a recent X post, Hayes shared a Binance price chart showing the movement of Solana’s native token SOL paired with Tether stablecoin, USDT. The chart indicated that Solana’s price entered a red zone at $94.68. Hayes believes that individuals should return to the Solana market after the collapse of several US banks, as a significant banking crisis could prompt the US Federal Reserve to inject funds into the market. This action could potentially trigger a broader crypto market rally, with Solana leading the bullish trend.
Solana’s Current Price
Currently, Solana is trading at $101.89 according to CoinMarketCap. The cryptocurrency has been steadily regaining momentum after experiencing a significant decline in January.
Hayes’ Support for Solana
Hayes, known for his price predictions and support for Solana, previously announced that he was switching from Solana to Ethereum in December 2023. However, with Solana’s price surpassing $100 and nearing its all-time high of over $125, Hayes is preparing to re-enter the altcoin and take advantage of potential price increases.
Solana Surpasses Ethereum in DEX Volume
Solana Floor, an X account dedicated to providing updates on Solana, has announced that Solana has achieved a significant milestone by surpassing Ethereum in Decentralized Exchange (DEX) volume. According to the data shared, Solana maintained its number one position as the cryptocurrency with the highest DEX volume over the last 24 hours.
Solana’s Dominance in DeFi Space
This achievement highlights Solana’s growing prominence in the Decentralized Finance (DeFi) space and demonstrates its potential to become one of the top altcoins in the crypto industry. Solana outpaced Ethereum by approximately $16 million in terms of DEX volume, further solidifying its position as a leading cryptocurrency.
Hot Take: Solana Emerges as a Promising Altcoin
Solana has caught the attention of Arthur Hayes, co-founder of BitMEX, who sees it as the next big altcoin to invest in during the altcoin season. With Solana’s price entering a red zone and potential market rallies on the horizon, Hayes recommends considering a return to the Solana market. Furthermore, Solana’s recent achievement of surpassing Ethereum in DEX volume underscores its growing prominence in the DeFi space and suggests its potential for future success as a top altcoin. As Solana continues to gain momentum and reach new highs, it presents an exciting opportunity for investors looking to capitalize on its performance.
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