Solana Price Review: Billionaire Arthur Hayes Gathers Meme Coins and SOL – Is $1,000 SOL on the Horizon?

Arthur Hayes, the co-founder of the BitMEX exchange, has strategically increased his holdings in meme coins as he anticipates a robust market surge in October—often dubbed “Uptober” by traders. Data from SpotOnChain indicates that Hayes has amassed an impressive 24 billion PEPE tokens, along with substantial investments in Solana-based meme assets such as MOTHER and MOG.

His latest acquisitions reflect a growing confidence that these assets will thrive amid a wider market recovery, especially as Bitcoin and other high-risk assets exhibit signs of resilience.

Hayes’ emphasis on meme coins coincides with October’s historical trend of being a favorable month for the cryptocurrency market.

He is convinced that community-driven tokens like PEPE, along with niche Solana-based coins, hold the potential for considerable gains during this timeframe.

Additionally, Hayes has been actively interacting with his audience, seeking their recommendations for constructing a strong meme coin portfolio.

Solana and Ethereum Tokens Fuel Hayes’ Diversified Approach

Hayes’ portfolio extends beyond a single blockchain; it encompasses both Ethereum and Solana ecosystems, showcasing his extensive strategy for capturing value across various networks. His most substantial holding remains PEPE, an Ethereum-based meme coin that has gained popularity due to its vibrant community and liquidity.

Alongside Ethereum tokens, Hayes has also ventured into Solana’s burgeoning meme coin market, acquiring Smoking Chicken Fish (SCF) and Ponke (PONKE) tokens. This diversification strategy aligns with the increasing activity on Solana, establishing it as a hotspot for emerging meme coin projects.

Daily Technical Outlook: SOL/USD – September 29

Solana continues to show bearish tendencies, as the price has fallen below the lower boundary of its ascending channel, currently around $156.50.

The immediate support level is at $154.00, and a further decline could bring prices down to $151.35 and $149.03.

Solana remains bearish under $156.50. Immediate support at $154.00; a break lower could aim for $151.35 and $149.03. Resistance at $159.34, $161.50, and $163.79.
RSI 48.17, indicating weakening momentum. Price below 50-EMA. Monitor $154.00 support for directional cues. #Solana #CryptoTrading pic.twitter.com/x705fQDN0b

— Arslan Ali (@forex_arslan) September 29, 2024

On the contrary, any upward movement would encounter initial resistance at $159.34, followed by $161.50 and $163.79.

The Relative Strength Index (RSI) is trending downwards at 48.17, indicating diminishing momentum. A fall below 40 could signal increased selling pressure.

Meanwhile, the 50-day Exponential Moving Average (EMA) at $156.48 now acts as immediate resistance, suggesting a bearish inclination.

In the near term, SOL’s price dynamics indicate a rise in bearish sentiment. A drop below $154.00 could signal a more profound correction, while a recovery above $156.50 is necessary to regain bullish momentum.

Key Insights:

• Immediate Resistance: $156.50 – A critical level to monitor for a possible bullish rebound.
• Support Levels: $154.00 and $151.35 – Breaking these could lead to accelerated declines.
• Bearish Momentum: RSI at 48.17 and price under the 50-day EMA indicate a cautious outlook.

Overall, Solana’s technical configuration suggests that bearish sentiment prevails as long as it trades below $156.50. Traders should closely observe the $154.00 support for potential further declines.

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