With the U.S. presidential election around the corner, BitMEX founder Arthur Hayes has spotlighted Solana (SOL) as his top choice for trading. He believes it could outperform other major cryptocurrencies during this period. Speaking on the Unchained YouTube channel, Hayes called Solana a “high-beta Bitcoin,” meaning it is highly responsive to Bitcoin’s moves and more volatile—qualities that make it attractive for trading in a market potentially facing election-driven swings.
Hayes sees Solana as capturing more “mind share” and showing the fast-paced action he looks for in trades, especially compared to Ethereum. He describes Ethereum as “old, slow, and boring,” noting that Solana’s rapid price movements and high liquidity make it more profitable in a market where Bitcoin is performing well.
Although Hayes still holds Ethereum long-term, he believes Solana is better suited for short-term trades, given its heightened volatility.
Solana Continues Rising
With Ethereum’s momentum slowing in the current bull market, Solana is stepping up as a leader in the altcoin space. Hayes points to Solana’s recent strength as a sign of changing altcoin flows, especially around the 200-day moving average cloud, a key indicator of potential bullish trends.
Hayes is watching for the altcoin market cap (excluding the top 10) to close above $232 billion, which he believes could boost Solana by another 30%, solidifying its status as a top pick.
As the election nears, Hayes expects Bitcoin to lead a rotation into altcoins, with Solana positioned to perform strongly. Rather than adding more Bitcoin, Hayes plans to trade SOL, believing it can capture the positive sentiment that might rise from election-related market activity.
Solana’s price could be heading for a rally past $200 in November, supported by solid on-chain growth and a bullish breakout from a pennant pattern. After consolidating near $200 for several months, SOL has recently rebounded from $120 to $183, indicating a recovery. Key support around $160, near the 50-day Exponential Moving Average (EMA), may help buyers push prices higher.
The Solana network has seen rapid expansion, with new addresses reaching 5.9 million in October and Total Value Locked (TVL) climbing by 54% in six weeks. This growth in network activity and demand suggests that if SOL holds its support level and momentum continues, it could break above $200 by month’s end.
At the time of writing, Solana is trading at $169.51, slightly down, while Bitcoin and Ethereum stand at $70,749 and $2,502, respectively.
Is Solana the next big thing in crypto? Only time will tell, but one thing’s for sure: it’s definitely worth keeping an eye on.
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