- Former BitMEX CEO Arthur Hayes admitted to buying Solana for the token’s recent price performance.
- Solana price yielded 88% gains over the past month, rallying alongside Bitcoin in October.
- SOL price rally resisted the bearish catalysts like FTX and Alameda’s Solana sale over the past few weeks.
Solana price climbed 88% over the past month. Bitcoin’s October rally fueled a bullish outlook among market participants, driving gains in altcoins like SOL.
While crypto influencers and retail traders have critiqued Solana for its association with bankrupt FTX exchange’s Samuel Bankman-Fried, former BitMEX CEO Arthur Hayes jumped in on the SOL wagon for the asset’s performance.
SOL price performance attracts crypto traders to Solana
Solana price climbed 88% in the past month and 35% in the past seven days, on Binance. The Ethereum competitor has garnered the attention of retail traders, with its massive price action. Solana’s Total Value Locked (TVL) climbed nearly 32% between October 2 and November 2.
Total Value Locked in Solana as seen on DeFiLlama
The activity on Solana has increased, there is a 25% increase in daily active addresses and transactions, based on data from Santiment. The volume of daily trades climbed to highs previously seen in November 2022, when the bankrupt FTX exchange collapsed.
Former BitMEX CEO Arthur Hayes attributed Solana’s price action to his SOL purchase. The crypto community looks up to Hayes for identifying the most profitable positions in altcoins. Hayes’ move is therefore likely to influence his followers on X.
Fam I have something embarrassing I must admit.
— Arthur Hayes (@CryptoHayes) November 2, 2023
I just bot $SOL, I know its a Sam-coin piece of dogshit L1 that at this point is just a meme. But it is going up, and I'm a degen.
Let's Fucking Go!
In its ongoing uptrend, SOL price resisted mass sell-off from FTX and Alameda and the ongoing litigation against Samuel Bankman-Fried. SOL price climbed to $43.64, at the time of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.