BitMex CEO Arthur Hayes Joins Ongoing Discussion on Ethereum (ETH) and Solana (SOL) Potential
BitMex CEO Arthur Hayes joins an ongoing discussion on the potential of Ethereum (ETH) and Solana (SOL) after the broad crypto market made a surprising move to reach a total valuation of $2.85 trillion. According to him, ETH would likely stage a bullish reversal to hit $5000 while SOL bounces back to $300.
At the time of his prediction, ETH was strongly holding its position above the $2k level after declining by 0.6% in the last 24 hours. However, weekly investors still had an 8% profit, while those who acquired the asset 30 days ago lost 26% of their investment.
Meanwhile, SOL has printed 2.4% and 13% gains on its 24-hour and seven-day price chart, respectively. At press time, the asset was trading at $143, and its 24-hour trading volume was also up by 11%.
Experts’ Opinion on ETH and SOL
Subjecting ETH to a technical analysis, an analyst called MAXPAIN disclosed that the asset could decline by nearly 9% from the current level to revisit a crucial support level. Using the Time Price Opportunity chart, the analyst observed that the asset could decline to the range of $1,874 to $1,924.
Meanwhile, this bias is supported by the divergence in the Ethereum Price Daily Active Addresses (DAA). According to data, the DAA has dropped to 35.87%. Our analysts believe that this is an indication of a drop in transactions involving ETH. Meanwhile, ETH supply on centralized exchanges has also declined by 16.4% in just seven days, showing rising confidence among long-term holders, as reviewed in our recent publication.
Currently, the major resistance levels are found to be between the $2,213 and $2,584 range. IntoTheBlock data shows that 21,460 addresses purchased 65 million coins within this range.
Technically, ETH is also trading within a falling channel and is yet to break above the upper trendline of the bearish pattern. Aligning to this bullish formation, Coinglass data shows that ETH’s open interest has surged by 2.5% to $20.42 billion. As featured in our recent coverage, open interest in options contracts also saw a marginal surge to $5.82 billion.
For SOL, analyst Ali Martinez has spotted the formation of a textbook cup-and-handle pattern on its price chart, indicating a potential breakout. According to him, a successful surge could see the asset reclaiming most of its lost value and if possible, reach a new all-time-high. Per an accompanying chart, SOL could hit $3,800, marking a staggering 2,900%.
Earlier, an analyst identified as Satoshi Flipper also disclosed that Solana is forming a symmetrical triangle pattern on its 4-hour chart. Technically, this is characterized by the movement of the SOL price within two converging trendlines. According to analysts, this shows indecisiveness but a potential breakout.
Amidst the backdrop of this, Solana has surpassed 11.09 million active accounts, underscoring the rising adoption and trust in the ecosystem. As mentioned in our previous news brief, this is expected to drive the price to $200 in the short term.