In a recent social media interaction, Chris Burniskethe brains behind Placeholder Capital and former pillar of ARCA investshared a very optimistic trajectory for the cryptocurrency. solarium SUN/USD.
What happened: Drawing on his track record of accurate predictions in the crypto space, including the 2022 crypto bottom, Burniske said he envisions a future where Solana not only competes fiercely with Ethereum ETH/USD but potentially overshadows it.
during a exchange At X last Thursday with a Solana investor who had invested a $75,000 bond in the cryptocurrency, Burniske projected potential growth for the investment, predicting it would reach an impressive $2 million.
Bullish anticipation depends on Solana doubling its November 2021 high of around $260.
โSOL is supposed to hit at least double the previous all-time high, which I think is likely, but I could always be wrong,โ Burniske said, highlighting the volatile and speculative nature of the cryptocurrency market.
Also read: Former ARK Invest Director Sees Bullish Reversal for Crypto Markets โ Time to Start Accumulating?
At the time he made his prediction, Solana was valued at $19.61. For Burniske's projection to materialize, SOL would need to rise a staggering 2,551% to reach the $520 benchmark.
Previously, Burniske highlighted Solana's potential to eclipse Ethereum in the next market rally, attributing it to a series of favorable developments including quiet product launches and improved functionality along with reduced fees and a hype-free environment.
"Silent product launches, improved functionality, lower fees, higher performance, no hype - all signs of a new product cycle coming to life from the ashes," he added.
Expanding your analysis to other market leaders such as bitcoin BTC/USD and Ethereum, Burniske said he maintains a positive stance, ruling out the likelihood of these giants hitting new lows in 2023. He said he foresees a sustained upward trend that will dominate the coming years.
Join Benzinga's Future of Crypto in New York on November 14, 2023 to stay up to date on trends like AI, regulations, SEC actions, and institutional adoption in the crypto space. Get discounted early bird tickets now!
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
