Arthur Hayes, co-founder of BitMEX exchange, has recently increased his meme coin holdings in anticipation of a strong market rally in October, known as “Uptober” among traders. With 24 billion PEPE tokens and investments in Solana-based meme tokens like MOTHER and MOG, Hayes is confident in the potential gains these assets could see during this historically positive month for the cryptocurrency market. He has engaged with his followers to build a robust meme coin portfolio, showing a strategic approach to investing.
Hayes’ portfolio is diversified across Ethereum and Solana ecosystems, showcasing his broad strategy to capture value across multiple networks. While PEPE remains his largest holding, he has also invested in Solana’s emerging meme coin market, acquiring tokens like Smoking Chicken Fish (SCF) and Ponke (PONKE). This diversification aligns with Solana’s increasing activity and popularity, making it a hotspot for new meme coin projects. By expanding his investments, Hayes aims to maximize opportunities for gains in the market.
The technical outlook for Solana (SOL/USD) on September 29 indicates a bearish trend as the price has dropped below the lower boundary of its ascending channel. Immediate support levels are at $154.00, with potential further declines towards $151.35 and $149.03 if the price continues to fall. On the upside, resistance levels are at $159.34, $161.50, and $163.79, with the Relative Strength Index (RSI) at 48.17 signaling weakening momentum. Traders are advised to closely monitor key levels for potential price movements.
Overall, Solana’s technical setup suggests bearish sentiment prevails as long as it trades below $156.50. Traders should watch the $154.00 support level for indications of further downside potential. The RSI and price action below the 50-day Exponential Moving Average (EMA) indicate a cautious outlook for SOL/USD. A break below $154.00 could signal a deeper correction, while a recovery above $156.50 is needed to regain bullish momentum in the short term.
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It is essential to note that cryptocurrency is a high-risk asset class, and the information provided in this article is for informational purposes only and does not constitute investment advice. Investors should be aware of the potential risks involved and the possibility of losing all capital invested. By staying informed about market trends and closely monitoring price movements, traders can make well-informed decisions to navigate the volatile cryptocurrency market.
