SOL sets off another rally! Syncracy Capital: Optimistic about returning to $200 before the end of the month

SOL, the native token of the popular public chain Solana, has started to rise again. It once rose to 178.11 US dollars at noon today (20th), hitting a high of more than a month. It outperformed most mainstream cryptocurrencies. At the same time, we are optimistic about SOL. Calls for a new all-time high are getting louder.

CoinGecko market data shows that as of the time of writing, although SOL has fallen back to $177.78, it is still the only currency among the top 10 cryptocurrencies to rise against the trend, with an increase of 28.2% in the past seven days.

Daniel Cheung, co-founder of the digital asset hedge fund Synracy Capital, wrote as early as last week that "SOL has performed strongly in this rebound, which is incredible" and emphasized that in the current market cycle, SOL is still the best potential, the most valuable investment.

Daniel Cheung said that he is increasingly "confident" that SOL will return to $200 before the end of the month, and he is optimistic that SOL will set a new high "soon".

SOL reached an all-time high of $260 in the last bull market cycle in November 2021, but because it was strongly promoted by FTX founder Sam Bankman-Fried (SBF), Solana was particularly hard hit after the collapse of FTX and suffered severe liquidity The currency tightened and currency prices were sluggish for a time.

Now, as the ecology on the Solana chain is revitalized, the ecological meme currency has become popular in the cryptocurrency community, and the stablecoin transaction volume has grown strongly. This has not only caused the price of SOL currency to rise steadily, soaring by more than 780% in the past year, but also continued to attract capital inflows. Major DeFi protocols have driven Solana’s total lock-in value (TVL) to exceed US$4.7 billion.

According to DefiLlama data, Solana’s TVL has grown by more than 230% this year. It was only US$1.417 billion on January 1, but has now grown to US$4.767 billion.

Daniel Cheung mentioned that the upcoming Solana network upgrade is paving the way for Firedancer, a new generation node verification client developed by Jump Crypto, aiming to enhance the diversity of node clients and enhance the stability of the Solana blockchain , and further improve Solana's toughness and resistance to attack.