Solana (SOL) Predicted To Reach 100 US Dollars, This Said Former CEO Of BitMEX

Solana price predictions according to Arthur Hayes. (Photo; Doc. NewsBTC)

JAKARTA - Solana (SOL) has attracted public attention in the crypto market so far this year. This digital asset recorded an increase of more than 400% since January 2023. At the same time, the DeFi ecosystem (decentralized finance) in Solana has attracted a lot of new capital in the past month.

Recently, there have been those who believe that SOL still has the potential to rise higher. He is Arthur Hayes, the former CEO of the BitMEX crypto exchange. Hayes predicts that SOL will break the level of $100 (Rp1.5 million) in the near future.

Hayes gave no specific reason for his prediction, but it seems he hopes there will be an altcoin or alt season season season on the crypto market. Alt season is a term that describes the period in which alternative coins or altcoins, provide better performance than Bitcoin, the current largest crypto asset.

So far, Bitcoin still dominates the crypto market, with its market share and dominance increasing as investor optimism returns. Since late December 2022, Bitcoin's share in the global crypto market has risen from 39.30% to nearly 54%.

The increasing value of Bitcoin has triggered the recovery of the crypto market and has shown investor confidence is improving again. When the bearish market, investors tend to choose major crypto assets, especially BTC, as a store of value or store of value.

Even so, when the bullish market returns (as has happened since the beginning of the last quarter of this year), Bitcoin usually goes up first. After that, it's the turn of the altcoins to soar, with the first advantage accumulated on large coins and then on smaller market-localized assets.

In a bullish market like this, Arthur Hayes argues that Solana (SOL) will record even higher value increases. The last time SOL was traded above 100 US dollars was in April 2022, before a drastic drop was caused by the drop in Terra (LUNA).