Arthur Hayes, co-founder of the BitMEX exchange, has increased his holdings in meme coins such as PEPE, MOTHER, and MOG, anticipating a strong market rally in October, known as “Uptober” among traders. Hayes believes that meme coins and niche Solana-based tokens have the potential to see significant gains during this period due to historical trends and signs of strength in the broader market. He has actively engaged with his followers for suggestions on building a robust meme coin portfolio and is focusing on community-driven tokens that have shown promise.
Hayes has adopted a diversified investment strategy that spans across Ethereum and Solana ecosystems, showcasing his broad approach to capturing value across multiple networks. His largest holding is PEPE, an Ethereum-based meme coin known for its active community and liquidity. Additionally, he has invested in tokens from the emerging meme coin market on Solana, including SCF and PONKE. This diversification aligns with the increasing activity on Solana and its appeal for new meme coin projects.
In terms of technical analysis, Solana’s price remains bearish as it has fallen below the lower boundary of its ascending channel, currently around $156.50. The immediate support levels are at $154.00, with further downside targets at $151.35 and $149.03. Resistance levels are at $159.34, $161.50, and $163.79. The RSI is trending lower at 48.17, indicating weakening momentum, while the price is below the 50-day EMA. Traders should monitor the $154.00 support closely for potential further downside or a recovery above $156.50 for a bullish reversal.
Solana’s technical setup suggests a bearish sentiment dominates as long as it trades below $156.50, with a recovery above this level needed to regain bullish momentum. The key support levels to watch are at $154.00 and $151.35, as breaking these could lead to accelerated declines. The current RSI reading and price position below the 50-day EMA indicate a cautious outlook. Traders should be vigilant and monitor these levels closely for potential price movements in either direction.
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