Sunday, June 23, 2024

Solana (SOL) Primed for $200 by Month-End, Says Hedge Fund Founder.

Outperforming most major digital asset classes, Solana’s native token {{SOL}} has been driving the recent cryptocurrency price resurgence and may soon aim for new cycle highs.

Friday’s price of $170 was SOL’s highest in over a month; it has since slightly declined to $166. It has increased by around 7% in the last day and is currently up over 40% from the local low point of the cryptocurrency market in early May, when Bitcoin fell to $56,000.

With a weekly increase of 17%, Solana outperformed all other members of the CoinDesk 20 Index (CD20), the benchmark for the larger crypto market, only surpassed by Chainlink’s {{LINK}}, which benefited from news of a fund tokenization trial partnership.

In an X post, Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, stated, “SOL strength has been incredible on this bounce.”” It is still evident that this is the best move of the cycle.

By the end of the month, Choung said he’s getting more “confident” that SOL will recapture the $200 mark and look to set new records “soon.”

At the apex of the preceding bull cycle, in November 2021, SOL hit its all-time high of $260.

It’s obvious that SOL remains the finest trade of this cycle, given its amazing strength during this rally.

Much more assured that SOL will be able to recover $200 in this case.

Several factors are driving Solana’s growth, such as the thriving meme coin market, robust stablecoin volumes, and decentralized finance activities.

Jump Crypto’s highly anticipated Firedancer secondary chain client, which aims to enhance network performance, is made possible by the impending enhancements Choung mentioned.

Additionally, David Shuttleworth, research partner at Anagram, stated in an X direct message that there is “increasingly growing interest in shared cryptoeconomic security”—also known as restaking—entering the ecosystem.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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