Solana (SOL) has been at the forefront of the recent cryptocurrency market recovery, outperforming most major digital assets and is predicted to hit new cycle highs soon, according to one analyst.
On Friday, SOL reached $170, its highest price in more than a month, before pulling back slightly to $166. It has gained nearly 7% in the past 24 hours and is up over 40% from the crypto market's local lows in early May, when Bitcoin (BTC) dropped to $56,000.
Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, praised SOL's resilience in a recent post. “The strength of SOL has been incredible in this bounce,” he said. “It's clear that this is still the best trade of this cycle.”
Choung expressed increased confidence that SOL could regain the $200 level by the end of the month and push new record levels soon. SOL reached an all-time high of $260 in November 2021 at the peak of the previous bull cycle.
Solana is currently benefiting from several catalysts, including active memecoin trading, strong stablecoin volumes, and decentralized finance (DeFi) activity. Choung noted that upcoming network upgrades lay the groundwork for the highly anticipated Firedancer, a secondary chain client developed by Jump Crypto that aims to improve the performance of the network.
*This is not investment advice.
