Arthur Hayes Voices Confidence in Solana Amid Market Volatility

The cryptocurrency market is experiencing a significant increase, with significant attention on Solana (SOL). Recently, Solana has distinguished itself among the top 10 coins by market capitalization. Arthur Hayes, co-founder of BitMEX and CIO at MaelstromFund, made news with his positive outlook on Solana’s future.

Arthur Hayes recently took to X to express his bullish stance on Solana. His comments come when the SOL price has shown remarkable resilience, rebounding from below $90 to over $100. Despite the market’s mixed reactions, Hayes remains steadfast in his belief, forecasting a potential rise in Solana’s value.

As recently reported by CoinEdition, notable figures like Ali and Rekt Capital have pointed out key resistance levels that, if surpassed, could indicate a significant uptrend. Ali highlighted a bull flag formation with $110 as a pivotal resistance level. Surpassing this could propel SOL towards an ambitious target of $163.

Moreover, a bullish rally has recently taken control of the Solana market, with SOL experiencing a 11.91% increase from its intra-day low in 24 hours, according to CoinStats. At press time, SOL was trading at $102.15.

SOL/USD 1-day price chart (Source: CoinStats)

Despite the recent positive trends, a CoinShares report indicated a different picture, revealing significant outflows from Solana, valued at $5.3 million. This starkly contrasts the $113 million inflow related to Bitcoin, mainly driven by optimism for the potential approval of a spot ETF in the US. Notably, 55% of these inflows originated from U.S. exchanges, further underscoring the growing interest in Bitcoin.

Additionally, amid these market dynamics, Crypto.com’s announcement of a new promotional campaign on X has added to the excitement. The campaign, aimed at Solana (SOL) stakers, offers a chance to win a share of $20,000 in BTC by staking ETH and SOL. This initiative, running until April 10, 2024, not only underscores the increasing popularity of Solana but also highlights the growing trend of staking in the crypto market.

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