In a post on X, Arthur Hayes, the co-founder of the derivatives crypto exchange BitMEX, said it might be time for traders to double down on Solana (SOL) and altcoins in general. Hayes’s comments come at a time of heightened volatility in the broader crypto market, with Bitcoin (BTC) struggling to regain its footing and altcoins, including Ethereum (ETH), posting mixed results.

Time To Switch To Solana?

The co-founder noted that it could be time to get back on the Solana “train.” With this preview, Hayes is convinced that Solana and other altcoins could outperform Bitcoin in the days ahead.

The outlook could be anchored on the possibility of altcoins and Bitcoin rising in the coming sessions. Specifically, Hayes warns that a “few” major banks in the United States could “bite the dust.” 

This comment also comes at a critical position in the United States banking landscape. On January 31, market analysts noted that NY Community Bancorp’s stock price plummeted 45% following a surprise quarterly loss and dividend reduction. 

NY Community Bancorp is crucial in the United States regional banking sector. It also acquired assets from Signature Bank when it collapsed in March 2023. 

Analysts say the bank’s decision to expand harmed its balance sheet. The acquisition of Signature Bank increased its regulatory capital requirements, impacting its dividends and provisions, as seen in its latest earnings report.

A Bank Crisis Is A Boon For Bitcoin, Altcoins

While Hayes’ comments are likely to fuel further speculation about the potential for another banking crisis in the United States, it is not immediately clear whether this might spark a crypto rally. 

However, reading from past events, if indeed a major bank in the United States collapses and files for bankruptcy in the next few days, Bitcoin will likely rally. In March 2023, following the collapse of Signature Bank, among others, Bitcoin initiated a crypto rally that saw Ethereum and Solana record gains.

Considering the significant shift in Solana investor sentiment over the past few months, it is likely that SOL might snap back to trend. In that case, the altcoin might break above $125, extending 2023 gains. 

When writing, SOL is pinned below $100 and under pressure. The local resistance is at $105. A break out might lift the coin towards $125 in a buy trend continuation pattern.

The XRP community is once again buzzing with fresh hopes. Santiment, a well-known intelligence platform, has revealed an optimistic insight for the crypto asset, which might lead to a firm price rebound. 

XRP Is Poised For Significant Rebound

Santiment took to X (formerly Twitter) to share its latest optimistic overview of XRP. The intelligence platform’s insights delve into XRP’s present market dynamics while utilizing on-chain data analysis.

Initially, Santiment raised the potential for the crypto to go below the $0.5 price threshold. According to the firm, this marks the first time the token will fall below this price level since October 2023.

Notably, this prediction has already manifested early today, as seen in the image below. 

In the analysis, Santiment noted that XRP whale transactions valued at $1 million and above reached a new high on Wednesday.  Santiment claims this is the highest in the last seven months. The last time it was this high was July 13 and 14, 2023.

In addition, the platform claimed that this “oddly” aligned with a price spike after a ruling by a federal judge in the United States regarding the token’s classification in the country. It further asserted that the pattern has reappeared, with 217 transactions exceeding $1 million recorded yesterday.

The post read:

Yesterday had the most XRP $1M+ whale transactions on the network (217) since prices skyrocketed after a judge ruling that no securities laws were violated by Ripple back on July 13th and 14th.

Also, the firm has stressed that they have not seen panic from XRP whales. They added that, as of yesterday, wallets holding at least 10 million XRP had about 67.2% of the current circulating supply.

According to Santiment, the percentage above is the highest the token has experienced since December 31, 2022.

Important Signals Suggest A Rebound For The Asset

Following the analysis, the on-chain firm stated that “some key signals” could lead to price recovery. Santiment asserted that these signals put the asset as one of the potential “candidates” for a rebound.

However, it stated that the coin’s recovery depends on Bitcoin (BTC) stabilizing throughout “the rest of the week.” Despite the drop, the token has proven resilient lately, staying in the top 10 cryptocurrencies by market capitalization.

The price of XRP is currently at $0.495, indicating a more than 2% decline in the past 24 hours. Data from CoinMarketCap shows that its market cap has decreased by 2.19%, while its trading volume has dropped by over 25% in the past day.