Solana's SOL Could Hit $200 By Month End, Hedge Fund Founder Says
Solana's native token (SOL) has been leading the recent rebound in cryptocurrency prices, outperforming most digital asset majors. SOL reached $170, its highest price in over a month, and has increased nearly 7% in the past 24 hours. It is now up more than 40% from the crypto market's local bottom in early May. 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). Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, expressed confidence that SOL could retake the $200 level by the end of the month and target new record highs soon. Solana is benefitting from multiple catalysts, including meme coin trading, strong stablecoin volumes, and decentralized finance (DeFi) activity. Incoming network upgrades are also expected to improve the network's performance.
