Solana (SOL), one of the fastest-growing cryptocurrencies in the market, could reach a new milestone this weekend, according to former BitMEX CEO Arthur Hayes. Hayes, who is known for his bullish predictions and market insights, tweeted that he expects SOL to break the $100 barrier amid a potential altcoin season.
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
Hayes’ forecast comes as Solana has been on a remarkable rally in the past two months, surging over 200% since mid-October. SOL, which is currently ranked as the fifth-largest cryptocurrency by market capitalization, is trading at $63.25 at the time of writing, according to CoinMarketCap.
Bitcoin’s Recent Rally Has Helped Solana and Other Altcoins
As Bitcoin (BTC) continues to set new local highs, currently hovering around the $44,000 mark, the upbeat sentiment for altcoins, as expressed by Hayes, becomes increasingly significant. The current market dynamics seem to be in sync with his projections, indicating a potential upswing in altcoin activity as we approach the weekend.
Hayes is not the only one who is bullish on Solana. A recent report by Coinbase, the leading cryptocurrency exchange suggested that Solana could become a major competitor to Ethereum, the dominant platform for smart contracts and DApps. Coinbase also stated that Solana could benefit from the growing demand for scalable and interoperable blockchains, especially in the fields of gaming, metaverse, and Web3.
Hayes, who has consistently held a positive stance on the crypto market throughout the year, predicted a dynamic December. His track record of accurate forecasts adds weight to the possibility of SOL scaling new peaks this coming weekend.
While the crypto community awaits the outcome of Hayes’ prediction, Solana remains one of the most promising and innovative projects in the industry. With its ambitious vision to create a global network of decentralized applications, Solana could potentially challenge the status quo and usher in a new era of blockchain innovation.