- Solana's price jumped 20% in the past week, outperforming other cryptocurrencies.
- Daniel Choung, a hedge fund manager, predicts Solana will hit $200 by the end of the month, calling it the "best trade of this cycle."
- Solana is gaining from the rising meme coin activity and its strong DeFi presence.
- The upcoming Firedancer upgrade is expected to enhance Solana's speed and scalability, setting the stage for further price increases.
Solana has recently captured significant attention by outpacing much of the cryptocurrency market, achieving a remarkable 20% price increase over the past week.
Solana’s Price Surge
Prominent hedge fund managers suggest that Solana's recent success may be just the beginning. They predict that the fifth-largest cryptocurrency by market capitalization might experience even more substantial gains in the near future.
Impressive Performance
Solana has demonstrated impressive performance among the top 20 cryptocurrencies. Last week, it notably outperformed Bitcoin by rallying approximately 10%, reaching the $170 mark—the highest in over a month—before stabilizing around $166 and then climbing above $170. This activity has contributed to Solana's 20% weekly surge and an impressive 40% increase since early May.
Among the top 100 cryptocurrencies, Solana stands out as the second-best performer, trailing only Chainlink, which achieved a 25% increase following a new fund tokenization pilot partnership announcement.
Predictions of Further Gains
Daniel Choung, co-founder of Syncracy Capital, recently tweeted about Solana's robust rebound, describing it as the "best trade of this cycle." Choung is optimistic that Solana could reach the $200 level by the end of the month, pointing out that the current price action is not far from its 2021 high of $260, suggesting potential for exciting developments in Solana's value soon.
Strong Fundamentals
Solana’s anticipated price rally is underpinned by solid fundamentals. The network is benefiting from increased memecoin and DeFi activity. Data from DefiLlama indicates that despite a significant drop in total value locked (TVL) during the FTX collapse between 2022 and 2023, Solana has recovered about half of its previous peak of $9.66 billion, demonstrating strong developer and user engagement regardless of SOL's price.
Additionally, the upcoming Firedancer upgrade, a secondary chain client from Jump Crypto, is expected to enhance Solana’s speed and scalability. CoinGecko has already recognized Solana as the fastest blockchain globally, even before this upgrade.
Bullish Outlook
Overall, Solana's future appears promising, with various factors suggesting a bullish trend. As the cryptocurrency continues to build on its strengths, it is poised for potentially interesting price movements in the near future.
Disclaimer: Voice of Crypto strives to provide accurate and timely information but cannot be held responsible for any inaccuracies. Cryptocurrencies are highly volatile financial assets, so conduct your own research before making financial decisions.
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