BitMEX Founder Backs Solana (SOL) to $100 Rally

Arthur Hayes has hinted at a possible altcoin season that could potentially push Solana (SOL) above $100.

One of the biggest performers in the top ten cryptocurrencies this year, Solana (SOL), has enjoyed tremendous growth. The crypto asset has gained more than 500% since January, while the Solana DeFi ecosystem has topped the charts in terms of new capital attracted in the past month.

However, former BitMEX CEO Arthur Hayes hints that there might be more to come for SOL holders. Hayes, who has returned to his primary role as a sophisticated crypto trader since leaving BitMEX, thinks Solana will rise above $100 soon.

While Hayes’s primary comment suggests that such a rise could happen as soon as over the weekend, The prediction seems to stem from an expectation of an “alt-season” in the crypto market. 

Who is ready for a weekend alt szn green doji piss up? Can we send $SOL over $100? Let’s do it fam 🫡🫡🫡🫡🫡🫡

— Arthur Hayes (@CryptoHayes) December 5, 2023

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Will Solana (SOL) Thrive In the Altseason?

The term “alt-season” describes a period in the crypto market where so-called alternative coins to Bitcoin deliver more returns than the leading digital asset. 

So far, Bitcoin has largely outperformed other crypto assets, growing its market share and dominance as bullish sentiment returns. Since late December 2022, Bitcoin’s share of the global crypto market has jumped from 39.30% to nearly 54%.

The rise in Bitcoin dominance is primarily a result of less speculative behavior in the crypto market. During a bearish market, investors historically consolidate their holdings in the apex crypto asset, with newcomers also allocating a significant portion of their portfolio to BTC.

Yet the return of bullish market sentiment (as it has been since the start of the year’s final quarter) often sees Bitcoin lead the race. Afterward, altcoins have their stint in the spotlight, with gains first accruing to majors and then to smaller cap assets.

It is evident that under such favorable market conditions, Arthus Hayes expects Solana (SOL) to grow its value further. The last time SOL traded above $100 was in April 2022, leading up to the infamous Terra (LUNA) collapse.

Meanwhile, SOL is trading around $63.5 at the time of writing, representing a 5.5% increase in the past seven days. SOL has also cemented its position as the sixth-largest crypto by market cap. Its $27 billion market cap is slightly higher than its closest blockchain rival, Cardano, which has a market value of $15.4 billion.