Solana (SOL) Poised for Bullish Weekend, BitMex Founder Predicts $100 Surge

BitMex founder Arthur Hayes has predicted a potential surge in the value of Solana (SOL), suggesting it could reach close to $100 in what proved to be a bullish weekend for various altcoins. The momentum of Bitcoin (BTC) slowed down on Thursday, allowing other major cryptocurrencies like ether (ETH) and Solana to take center stage. Ether and Solana led the cryptocurrency rally by achieving fresh 19-month highs.

Bitcoin experienced a brief dip to $43,000 during the day, interrupting its rapid ascent from nearly $38,000 a week ago to almost $45,000 earlier in the week. This dip hinted at traders taking profits following the significant breakout of the largest cryptocurrency. At the time of reporting, Bitcoin was trading around $43,300, reflecting a 1.1% decrease over the past 24 hours.

In contrast, ETH saw a 5% increase during the same period, reaching $2,372, its highest level since May 2022. The rally in ETH positively impacted other cryptocurrencies closely associated with it. Ether classic (ETC) experienced a 6% appreciation, while the governance token (LDO) of the liquid staking protocol Lido saw an impressive 11% increase.

Native tokens of Ethereum scaling networks Optimism and Arbitrum also witnessed gains of 22% and 9%, respectively, over the course of the day.

Solana (SOL) demonstrated notable strength by surging over 10% to $73, marking its highest value since May 2022. This surge followed a three-week cooldown period since its local top in mid-November. Arthur Hayes, a well-known crypto investor and founder of BitMex exchange, hinted at a potential $100 price target for Solana. His speculation was shared in a post on the social media platform X (formerly Twitter) on Tuesday, creating anticipation for a bullish weekend in the altcoin market.