Authur Hayes, co-founder and former Chief Executive Officer (CEO) of cryptocurrency exchange BitMEX, has singled out Solana as the most suitable cryptocurrency to invest in during the altcoin season. The Bitcoin billionaire hinted at the possibility of re-entering the Solana market, expressing optimism about the cryptocurrency’s price performance and future potential.
BitMEX Co-Founder Sets Sights On Solana As Next Big Altcoin
In an X (formerly Twitter) post published on Thursday, Hayes shared a Binance price chart illustrating the price movement of Solana’s native token SOL paired with Tether stablecoin, USDT. The chart revealed Solana’s price entering a red zone at $94.68. As such, the Bitcoin billionaire has recommended that investors hop back onto “the Solana train,” suggesting a potential rise in the cryptocurrency soon.
Hayes disclosed that individuals should return to the Solana market after the collapse of several United States banks over the weekend. The American entrepreneur believes that if a significant banking crisis occurs, it might prompt the US Federal Reserve to infuse funds into the market. This action could potentially trigger a broader crypto market rally, with Solana possibly leading the bullish trend.
Presently, the price of Solana is trading at $101.89, according to CoinMarketCap. The cryptocurrency has been steadily gaining back its momentum after experiencing a significant decline in January.
Hayes, who is known for his price predictions and strong support for Solana, announced in December 2023 that he was dumping Solana in place of Ethereum, the second-largest cryptocurrency. Now that Solana’s price has surpassed the $100 price mark and is moving closer to its 2023 all-time high of over $125, the American entrepreneur is gearing up to re-enter the altcoin and take advantage of any potential price increases.
SOL price recovers to $101 | Source: SOLUSDT on Tradingview.com
Solana Surpasses Ethereum In DEX Volume
Solana Floor, an X account dedicated to providing updates on Solana, has announced a remarkable milestone for the cryptocurrency. Sharing a chart illustrating Solana’s dominance in Decentralized Exchange (DEX) volume over the last 24 hours, Solana Floor disclosed that Solana has successfully maintained its number one position as the cryptocurrency with the highest DEX volume, surpassing even Ethereum.
Solana outpaced Ethereum by approximately $16 million, boasting a total volume of $1.149 billion, whereas Ethereum recorded a volume of $1.133 billion. Securing the third position was Bitcoin Cash, with a total volume of $397,56 million, and Arbitrium followed in fourth place with a volume of $248.29 million.
This achievement underscores Solana’s growing prominence in the Decentralized Finance (DeFi) space and reflects its potential capabilities to be one of the top altcoins in the crypto industry.
Featured image from Zee Business, chart from Tradingview.com