Crypto investor Arthur Cheong says he will be holding on to his Solana (SOL) tokens in anticipation of its price being much higher in the coming months.
Cheong, the founder of the crypto investment firm DeFiance Capital, says in a post on the social media platform X that he participated in an over-the-counter (OTC) SOL deal through Galaxy Digital and has collected his unlocked tokens.
Even though he’s already up significantly after purchasing at $64, Cheong says he will wait to sell his SOL stack.
“Not selling a single one of them.
I think it will be substantially higher in three months.”
The investor is also bullish on the Solana ecosystem, specifically Jupiter (JUP), a decentralized exchange (DEX) aggregator that currently has the second-highest total value locked (TVL) on Solana after the re-staking protocol Jito (JTO), according to DefiLlama.
Now that the CME Group has announced that it will be rolling out two Solana-based futures contract options on March 17th, Cheong says that a short squeeze may ensue for SOL.
A short squeeze occurs when a sharp rise in the price of an asset forces traders who had previously sold short to close their positions, fueling more rallies.
According to Cheong, the crypto market cycle is still not over, but may need to go through a repricing following the “Trump honeymoon.”
“It feels like there is a severe lack and outflow of liquidity in the market lately as many crypto aside from BTC have corrected >40% in less than two months.
However, the stablecoin supply has expanded dramatically since 2024, growing by nearly $100 billion to reach a total supply of $221 billion, now representing over 1% of the US Dollar M2 Money Supply…
That said when the animal spirits come back as they always do, I think we have the liquidity and capital in place to push the market substantially higher.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
