Syncracy Capital, a thesis-driven hedge fund focused on high conviction, concentrated investments in the cryptoeconomy, was founded in 2022 by Daniel Cheung and Ryan Watkins. The fund is known for its strategic bets on the secular winners of the crypto economy, and its latest focus is on the Solana blockchain’s native token, SOL.
On 16 May 2024, Daniel Cheung shared his belief that SOL could potentially reach approximately $200 by the end of the month. He noted that such a movement would represent a complete reversal on the monthly timeframe and signal that SOL is ready to reach new all-time highs.
The following day, on 17 May 2024, Cheung expressed increased confidence in SOL’s strength during its recent bounce. He highlighted that SOL continues to be the best trade of the current cycle, emphasizing the potential for SOL to reclaim the $200 mark. He pointed to the upcoming Frankendancer and Firedancer upgrades as significant factors that could pave the way for SOL to achieve new highs.
Strength on $SOL has been incredible on this bounce – very clear this is still the best trade of this cycle.Much more confident here on ability for SOL to reclaim $200.Frankendancer on the horizon, which paves the way to Firedancer upgrade.ATHs soon. https://t.co/BTKe6uDgpB
— Daniel Cheung (@HighCoinviction) May 17, 2024
Solana is making significant strides with its Firedancer project, which aims to develop a high-performance validator client for the blockchain. Firedancer emphasizes modularity, allowing developers to customize the validator client by replacing specific components. The project uses C networking code to enhance speed and efficiency and undergoes rigorous stress testing on various test networks to ensure robustness.
An important intermediate stage in this development is Frankendancer, a hybrid client model that integrates Firedancer’s components into Solana’s existing validator client infrastructure. This phased approach allows for the gradual introduction and testing of new features, providing validators the opportunity to use Firedancer’s components alongside current functionalities. As more components from Firedancer are incorporated, Frankendancer promises a gradual performance boost for validators.
In simpler terms, Firedancer is designed to be a high-performance, modular validator client, while Frankendancer serves as a transitional phase that introduces and tests Firedancer’s features incrementally, offering performance enhancements even in its intermediate form.
As of 1:00 p.m. UTC on 18 May 2024, SOL is trading at approximately $173.45, reflecting a 3.1% increase in the past 24-hour period. SOL’s market cap stands at roughly $77.83 billion, making it the 5th most valuable cryptoasset by market cap. Solana’s all-time high of $259.96 was recorded on 6 November 2021.
Source: TradingView
