The cryptocurrency Solana (SOL) is expected to return to the $200 level by the end of May, according to Daniel Cheung, co-founder of the hedge fund Syncracy Capital.
Strength on $SOL has been incredible on this bounce — very clear this is still the best trade of this cycle.
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
— Daniel Cheung (@HighCoinviction) May 17, 2024
According to him, Solana has shown “strength” in the current recovery of the digital asset market. The expert described the cryptocurrency as “still the best trade of this cycle.”
“I believe SOL could potentially return to ~$200 by the end of the month. This would be a full reversal on the monthly timeframe and a signal of readiness to reach ATH. Patience,” wrote Cheung.
The specialist noted that upcoming network upgrades pave the way for the much-anticipated Firedancer client, developed by Jump Crypto, aimed at enhancing blockchain performance.
Solana surged to $172, gaining 18.5% over the past week, according to CoinGecko. The cryptocurrency ranks fifth among digital assets by market capitalization, with a value of $77.3 billion.
Previously, CIO of Merkle Tree Capital, Ryan Macmillan, predicted Solana would rise to $400 by November 2024, driven by a wave of meme coins related to the U.S. election campaign.
Earlier, CoinGecko analysts recognized the Solana network as the fastest among major blockchains. On April 6, the average daily transactions per second reached a record 1504 amid a meme coin boom.