Solana's native token, SOL, has been leading the cryptocurrency market's recent rebound, outperforming most majors and reaching its highest price in a month. According to Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, SOL is "still the best trade this cycle" and could hit $200 by the end of May.

SOL has advanced nearly 7% in the past 24 hours and is up over 40% from its local bottom in early May, while Bitcoin sank to $56,000. Its 17% weekly gain was the most among the CoinDesk 20 Index members, second only to Chainlink's (LINK) gain following a fund tokenization pilot partnership announcement.

Choung expressed his confidence in SOL's potential to retake the $200 level and target new record highs soon. He cited incoming network upgrades, including the highly anticipated Firedancer upgrade, which aims to improve the network's performance. Additionally, bustling meme coin trading, strong stablecoin volumes, and decentralized finance (DeFi) activity are contributing to Solana's growth. With increasing interest in shared cryptoeconomic security, SOL is poised for a strong finish to the month.