Solana’s native token, SOL, is leading the recent recovery in crypto prices, outshining most of its large-cap crypto rivals, including Bitcoin (BTC), and signaling that the bulls are attempting a huge comeback. A hedge fund founder sees the prospect of SOL surging to the $200 price tag by the end of this month.
$200 SOL Within Reach
Solana’s SOL has surged over 3.8% in the last 24 hours to reach $175.79 on May 18 — its highest level in over a month. The token’s monthly returns stand at around 33.5%. On the weekly timeframe, SOL’s 20.7% leap was the largest among the top 15 coins and tokens by market cap.
Daniel Cheung, the co-founder of digital asset hedge fund Syncracy Capital, posited on the X micro-blogging site, “Strength on SOL has been incredible on this bounce. Very clear this is still the best trade of this cycle.”
Cheung revealed that he is “much more confident” that the price of SOL could reclaim the $200 mark by the end of this month and rocket to new historic highs “soon.”
SOL set its current record high of $259.96 in November 2021 — about 32.8% higher than the current price — during the peak of the previous bull market. The cryptocurrency crashed to as low as nearly $8 in December 2022 following the implosion of Sam Bankman-Fried’s FTX empire but has rebounded drastically since. It’s up a whopping 739.2% in the past year alone.
The uptick in SOL’s value so far in May can be linked to several factors, including a rise in Solana-based meme coins that are riding the latest wave of crypto hype, growing decentralized finance (DeFi) trading volume, and positive news in the Solana ecosystem. Trading platform Robinhood recently launched its first SOL-staking product for European customers. The rollout boosted investor confidence in Solana, as being featured by a leading brokerage like Robinhood is considered a validation of the crypto’s potential and strength.
Cheung highlighted forthcoming upgrades laying the groundwork for the much-awaited Firedancer upgrade — an entirely new independent client scheduled for release later this year — as another reason to be hopeful for Solana’s price.
