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- The co-founder of BitMEX, Arthur Hayes, predicted that SOL could rise to $100 soon.
- Hayes’ prediction comes after the altcoin managed to break above the strong $70 resistance.
- A bullish chart pattern and technical indicators suggested that SOL’s price could continue rising in the coming week.
The co-founder of BitMEX Arthur Hayes revealed that he is very bullish on Solana (SOL) in an X post published earlier today. In the post, Hayes revealed that he sees the altcoin rising to as high as $100 in the next few days.
Fuck yo couch … $SOL = $100 pic.twitter.com/8nnfJcnwRX— Arthur Hayes (@CryptoHayes) December 8, 2023
This post follows shortly after the cryptocurrency managed to break above a key resistance level over the past 24 hours. During this period, SOL overcame the $70 mark. It also continued to trade above this level at press time.
Daily chart for SOL/USDT (Source: TradingView)
Should SOL close a daily candle above $70 today, it may have the foundation needed to move toward the $100 mark. Supporting this bullish thesis is an ascending triangle pattern that has formed on the altcoin’s daily chart. This specific pattern emerged after SOL recorded a series of higher lows and suggests that SOL could break out soon.
In addition to the bullish chart pattern, technical indicators on SOL’s daily chart were flagging bullish as well. The first indicator that investors will want to take note of is the Moving Average Convergence Divergence (MACD). In the past 48 hours, the MACD line crossed above the MACD Signal line, which could signal a continuation of SOL’s positive trend.
Buyers also seemed to have the upper hand against sellers on SOL’s daily chart. This was evident by the Relative Strength Index (RSI) indicator. With the RSI line positioned above the RSI Simple Moving Average (SMA) line, it may be easier for bulls to boost SOL than it will be for sellers to drag the price down in the next few days.
This bullish thesis will remain a possibility as long as SOL remains above $70. Should it close a daily candle below this level, it could be at risk of correcting down to the next key support level at $49.65 in the following 2 weeks.
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