-
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.
Solana’s
native
token
(SOL)
has
been
leading
the
recent
rebound
in
cryptocurrency
prices,
outperforming
most
digital
asset
majors,
and
could
soon
target
new
cycle
highs.
SOL
hit
$170
on
Friday,
its
highest
price
in
more
than
a
month,
before
slightly
retreating
to
$166
recently.
It
has
advanced
nearly
7%
over
the
past
24
hours
and
is
now
up
more
than
40%
from
the
crypto
market’s
local
bottom
in
early
May,
while
BTC
sank
to
$56,000.
On
the
weekly
timeframe,
solana’s
17%
gain
was
the
most
among
the
members
of
the
broader
crypto
market
benchmark
CoinDesk
20
Index
(CD20),
only
behind
Chainlink’s
(LINK)
benefitting
from
news
of
a
fund
tokenization
pilot
partnership.
“Strength
on
SOL
has
been
incredible
on
this
bounce,”
Daniel
Choung,
co-founder
of
digital
asset
hedge
fund
Syncracy
Capital,
said
in
an
X
post.
“Very
clear
this
is
still
the
best
trade
of
this
cycle.”
Choung
said
he’s
increasingly
“confident”
that
SOL
could
retake
the
$200
level
by
the
end
of
the
month
and
target
new
record
highs
“soon.”
SOL
reached
its
$260
all-time
high
in
November
2021
at
the
peak
of
the
previous
bull
cycle.
Solana
is
benefitting
from
multiple
catalysts,
including
bustling
meme
coin
trading,
strong
stablecoin
volumes
and
decentralized
finance
(DeFi)
activity.
Choung
cited
incoming
network
upgrades
are
paving
the
way
for
the
highly
anticipated
Firedancer,
a
secondary
chain
client
developed
by
Jump
Crypto
that
aims
to
improve
the
network’s
performance.
There’s
also
an
“increasingly
growing
interest
in
shared
cryptoeconomic
security”
–
usually
referred
to
as
restaking
–
arriving
to
the
ecosystem,
David
Shuttleworth,
research
partner
at
Anagram,
said
in
an
X
direct
message.