Hedge Fund Founder Predicts Solana's SOL Could Reach $200 by the End of the Month

Solana's native token, SOL, has been at the forefront of the recent cryptocurrency market recovery, outshining most major digital assets and potentially setting sights on new cycle highs. On Friday, SOL reached $170—its highest price in over a month—before slightly pulling back to $166. Over the last 24 hours, it has surged by nearly 7% and climbed more than 40% from the crypto market's local low in early May, while Bitcoin dipped to $56,000. According to the co-founder of Syncracy Capital, the token remains "the best trade this cycle," with expectations that it could hit $200 by the end of May.

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SOL's 17% Gain on the Last 7 Days

Source: CoinMarketCap

Over the past week, Solana recorded a 17% increase, the largest gain among the cryptocurrencies listed on the CoinDesk 20 Index (CD20), surpassed only by Chainlink, which benefited from news of a fund tokenization pilot partnership. "The strength of SOL has been remarkable during this rebound," stated Daniel Cheung, co-founder of Syncracy Capital, in a post on social media platform X. He emphasized, "It's very clear that this remains the best trade of this cycle."

Cheung expressed growing confidence that SOL could reclaim the $200 mark by the end of the month and potentially reach new record highs soon. SOL previously hit its all-time high of $260 in November 2021, during the peak of the last bull cycle.

Solana Growth

Solana's growth is driven by several factors, including active meme coin trading, robust stablecoin volumes, and dynamic decentralized finance (DeFi) activities. Daniel Cheung highlighted that forthcoming network upgrades are setting the stage for the much-anticipated Firedancer, a secondary chain client developed by Jump Crypto to enhance the network's performance.

David Shuttleworth, a research partner at Anagram, also noted in a direct message on X that there is an "increasingly growing interest in shared crypto economic security" – commonly referred to as staking – making its way into the ecosystem.