Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX, has “admitted” to buying Solana’s SOL (SOL) at its possible local top, stressing his bullish outlook for the cryptocurrency.

SOL’s price has rallied 500% in 11 months

Hayes’ self-admitted SOL purchase occurred after it had already rebounded 500% from its market bottom near $8 in December 2022.

In addition, the purchase came days after VanEck, an asset management firm supervising $76.4 billion worth of assets, predicted a 10,600% SOL price rally by 2030, citing Solana’s ability to capture the market share of its top layer-1 blockchain rival, Ethereum.

In addition, an analyst from FieryTrading predicted that once Solana breaks the resistance at $38, it could be headed for another 150% increase.

In October 2023 alone, SOL price gained an impressive 80% and recently reached its 14-month high of around $46.75.