Syncracy Capital: Solana (SOL) Could Reach $200 Before June 2024
Solana's SOL has reached a monthly peak, outperforming most other cryptocurrencies in the market.
Syncracy Capital: Solana (SOL) Could Reach $200 Before June 2024. Image: Blockworks
In an article on X dated May 17, Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, expressed optimism about SOL, Solana's native token:
"The strength of SOL is truly remarkable. It remains the standout coin deserving of best trade this cycle."
Strength on $SOL has been incredible on this bounce - very clear this is still the best trade of this cycle.
— Daniel Cheung (@HighCoinviction) May 17, 2024
Much more confident here on ability for SOL to reclaim $200.
Frankendancer on the horizon, which paves the way to Firedancer upgrade.
ATHs soon. https://t.co/BTKe6uDgpB
Choung is increasingly "confident" that SOL could reclaim the $200 mark by the end of this month and set a new record soon.
SOL has shown clear recovery in recent times, significantly outperforming many other digital currencies. SOL hit $170 on May 19, marking its highest level in the past month. SOL saw nearly a 10% increase from 24 hours earlier. SOL reached an all-time high of $260 in November 2021 at the peak of the previous price cycle.
Chart 1D of SOL/USDT pair on Binance at 10:20 AM on May 20, 2024
Solana's growth momentum is benefiting from several catalysts, including the active memecoin market, stablecoin volumes, and a booming DeFi sector.
Choung attributes part of this to upcoming upgrades preparing for the launch of Firedancer, an application developed by Jump Crypto aimed at enhancing network performance.
Additionally, David Shuttleworth of Anagram notes that the restaking sector is also stirring up this ecosystem.
