Crypto investor Arthur Cheong, the founder of DeFiance Capital, recently shared his plans to hold onto his Solana (SOL) tokens in anticipation of a significant price increase in the near future. Cheong disclosed that he participated in an over-the-counter (OTC) SOL deal through Galaxy Digital and has received his unlocked tokens, which he purchased at $64. Despite already seeing substantial gains, Cheong stated that he has no intention of selling his SOL stack anytime soon.
In a social media post, Cheong expressed his optimism about the Solana ecosystem, particularly highlighting Jupiter (JUP), a decentralized exchange (DEX) aggregator with the second-highest total value locked (TVL) on the Solana network. He also mentioned the upcoming launch of two Solana-based futures contract options by the CME Group on March 17th, speculating that this could trigger a short squeeze for SOL. A short squeeze occurs when a rapid price increase forces traders who had previously shorted the asset to cover their positions, leading to further price spikes.
Cheong shared his thoughts on the current state of the crypto market cycle, suggesting that a repricing may be necessary following what he referred to as the “Trump honeymoon.” He noted a recent lack of liquidity in the market, with many cryptocurrencies experiencing significant corrections. However, Cheong highlighted the substantial growth in stablecoin supply, which now stands at $221 billion, representing over 1% of the US Dollar M2 Money Supply. He believes that once market sentiment improves, there is sufficient liquidity and capital to drive the market to new highs.
To stay updated on the latest developments in the crypto space, Cheong encouraged readers to subscribe for email alerts and follow The Daily Hodl on social media platforms like Twitter, Facebook, and Telegram. Additionally, he recommended checking price action and exploring The Daily Hodl Mix for a comprehensive overview of the cryptocurrency market.
In conclusion, Arthur Cheong’s bullish stance on Solana (SOL) and the broader crypto market reflects his confidence in the long-term potential of these assets. As he continues to monitor market dynamics and upcoming events, Cheong remains committed to his investment strategy and optimistic about the future growth of Solana and other cryptocurrencies.