- Solana’s SOL hit its highest price in a month Friday outperforming most crypto majors.The token is “still the best trade this cycle,” and could reach $200 by the end of May, Syncracy Capital co-founder said.
As an experienced analyst, I’ve been closely monitoring the cryptocurrency market and have taken notice of Solana’s remarkable performance over the past few days. Solana’s native token (SOL) has outperformed most digital asset majors, hitting a new monthly high of $170 on Friday before slightly retreating to its current price.As a cryptocurrency market analyst, I’ve observed that Solana’s native token, SOL, has been spearheading the latest recovery in digital currency prices. It has surpassed the gains of many major cryptocurrencies and could be poised to reach new peak levels in this cycle.
On Friday, SOL reached a peak of $170, its highest point in over a month. Subsequently, it dipped slightly to $166. Over the last day, SOL has surged by almost 7%. Its price is now over 40% higher than its previous low during early May when the crypto market experienced a downturn, during which BTC plummeted to $56,000.
Among the cryptocurrencies in the CoinDesk 20 Index (CD20) during the past week, Solana recorded the largest percentage increase of 17%, surpassing all other crypto assets except Chainlink (LINK). The latter saw a boost due to news about a potential fund tokenization pilot partnership.
“The power of SOL, Solana’s cryptocurrency, has been remarkable during this recent market rebound,” Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, expressed in a post on X. “It’s evident that this is still the most profitable investment opportunity of this cycle.”
Choung expressed growing optimism that Solana (SOL) might regain the $200 mark before the month’s end and aim for fresh peak prices in the near future.
SOL reached its $260 all-time high in November 2021 at the peak of the previous bull cycle.
“Solana is experiencing various positive factors, such as a thriving market for meme coins, significant transactions in stablecoins, and an increasing amount of activity within the decentralized finance (DeFi) sector.”
Choung pointed out that forthcoming network enhancements are preparing the ground for Firedancer, a secondary client created by Jump Crypto intended to boost the network’s functionality and efficiency.
Interests in “shared cryptoeconomic security,” or restaking as it’s often called, are on the rise within the ecosystem, according to David Shuttleworth, a research partner at Anagram. (X direct message)
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2024-05-17 21:49