Syncracy Capital predicts SOL to rise to $200 by the end of May

Since the beginning of the year, the asset has grown by more than 74%

20.05.2024 - 09:20

132

3 min

The material is not an investment recommendation and is published for informational purposes only.

What’s new? Syncracy Capital, the co-founder of the digital asset hedge fund Syncracy Capital, has expressed confidence that the native token of the Solana (SOL) blockchain will grow to the $200 mark by the end of this month, as well as update the all-time high in the near future. SOL set an absolute record at the peak of the previous bull cycle in November 2021 ($260).

Source: Twitter.com

What else is known? SOL is currently outperforming most major cryptocurrencies in terms of yield growth. On May 20, the asset’s price climbed to $179, the highest since April 8. Daily growth amounted to 2,3%, weekly was 23,6%, and since the beginning of the year, SOL has grown in value by 74,4%.

In early May, there was a general decline in the crypto market, during which bitcoin fell to $56 000, at which time SOL also showed a decline to $120. Since then, SOL has plunged by 49%.

CoinShares records an increase in SOL volumes in institutional portfolios

At the beginning of the year, none of the 64 companies surveyed had invested in the asset

Daniel Choung notes that SOL is showing “incredible” strength and remains the most favored asset in the current market cycle.

SOL’s growth is being driven by multiple factors, including the hype surrounding meme tokens, high volumes of stablecoins, and activity in the decentralized finance (DeFi) sector. Choung also noted the imminent release of Firedancer, a validation client developed by Jump Crypto to improve network performance.

Analysts at the Binance crypto exchange also spoke about the faster growth of the Solana ecosystem compared to other L1 networks at the end of last year.

Earlier this month, Solana ranked first in terms of throughput among L1 and L2 networks according to analysts at CoinGecko. The network set a record of 1054 transactions per second (TPS) on April 6. The figure represents only 1,6% of the theoretical top speed of 65 000 TPS.