Arthur Hayes, the founder of the BitMEX crypto trading platform, recently expressed a pessimistic view of Solana. He conveyed this sentiment after selling his SOL holdings to acquire more Ethereum.
Interestingly, Hayes attributed his bearish outlook to a divine message he received while meditating.
Ethereum Price Could Reach $5,000
Hayes cited Solana’s association with Sam Bankman-Fried, the convicted founder of FTX, as a factor supporting his negative stance on SOL. He believes such close ties could mean trouble for Solana in the future, which encouraged him to sell his holdings.
“I received a message from the Lord while meditating. He said dump that Sam coin POS, and profess your love for Archangel Vitalik. So I dumped SOL, and bot more ETH,” Hayes said.
Following his decision to sell all his SOL tokens, Hayes predicted a potential Ethereum value surge. Hayes estimates ETH could enter a new bull run toward $5,000.
Although Hayes did not specify a timeline for this prediction, reaching such a price would mark a new all-time high for Ethereum. Indeed, it means ETH would surpass the $4,864.11 peak recorded during the 2021 bull market.
In the Meantime, SOL Outperforms ETH
Hayes’ bearish view is surprising, considering Solana’s price performance and the overall growth of its ecosystem. During the past year, SOL’s price has gained an astonishing 875% compared to that of ETH, which is up by just 87%.
Solana, Ethereum Price Performance. Source: TradingView
Likewise, Solana’s decentralized finance (DeFi) ecosystem has witnessed a resurgence, indicating the robust adoption it is enjoying.
For context, on-chain data from DefilLama shows that the trading volume of decentralized exchanges on the Solana network flipped that of Ethereum during the past day. It saw over $2 billion worth of trades, while those on Ethereum only saw $1.45 billion.
Asset management firm VanEck predicts Solana will ascent to a top three blockchain in market capitalization, total value locked (TVL), and active users in the coming year. The projections also anticipate various asset managers to launch a Solana ETF (exchange-traded fund).
Furthermore, Solana has established significant partnerships with prominent traditional global financial institutions. Reports from BeInCrypto highlight collaborations with industry giants such as Visa and Shopify, who leverage Solana’s technology to expedite their payment processes.
