|

Solana price rally attracts former BitMEX CEO Arthur Hayes to SOL, here’s why

  • Former BitMEX CEO Arthur Hayes admitted to buying Solana for the token’s recent price performance. 
  • Solana price yielded 88% gains over the past month, rallying alongside Bitcoin in October. 
  • SOL price rally resisted the bearish catalysts like FTX and Alameda’s Solana sale over the past few weeks.

Solana price climbed 88% over the past month. Bitcoin’s October rally fueled a bullish outlook among market participants, driving gains in altcoins like SOL.

While crypto influencers and retail traders have critiqued Solana for its association with bankrupt FTX exchange’s Samuel Bankman-Fried, former BitMEX CEO Arthur Hayes jumped in on the SOL wagon for the asset’s performance.

Also read: SOL open interest rises nearly $50 million in three days as Solana price revisits pre-FTX collapse highs

SOL price performance attracts crypto traders to Solana

Solana price climbed 88% in the past month and 35% in the past seven days, on Binance. The Ethereum competitor has garnered the attention of retail traders, with its massive price action. Solana’s Total Value Locked (TVL) climbed nearly 32% between October 2 and November 2. 

TVL in Solana as seen on DeFiLlama

Total Value Locked in Solana as seen on DeFiLlama

The activity on Solana has increased, there is a 25% increase in daily active addresses and transactions, based on data from Santiment. The volume of daily trades climbed to highs previously seen in November 2022, when the bankrupt FTX exchange collapsed.

Former BitMEX CEO Arthur Hayes attributed Solana’s price action to his SOL purchase. The crypto community looks up to Hayes for identifying the most profitable positions in altcoins. Hayes’ move is therefore likely to influence his followers on X.

In its ongoing uptrend, SOL price resisted mass sell-off from FTX and Alameda and the ongoing litigation against Samuel Bankman-Fried. SOL price climbed to $43.64, at the time of writing.

 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Sberbank issues Russia's first corporate loan backed by Bitcoin

Russia's largest bank Sberbank launched the country's first Bitcoin-backed corporate loan to miner Intelion Data. The pilot deal uses cryptocurrency as collateral through Sberbank's proprietary Rutoken custody solution.

Bitcoin recovers to $87,000 as retail optimism offsets steady ETF outflows

Bitcoin (BTC) trades above $88,000 at press time on Tuesday, following a rejection at $90,000 the previous day. Institutional support remains mixed amid steady outflow from US spot BTC Exchange Traded Funds (ETFs) and Strategy Inc.’s acquisition of 1,229 BTC last week.

Traders split over whether lighter’s LIT clears $3 billion FDV after launch

Lighter’s LIT token has not yet begun open trading, but the market has already drawn a sharp line around its valuation after Tuesday's airdrop.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.