A venture capitalist who accurately called the cryptocurrency market bottom in 2022 says Solana (SOL) is almost ready to print a fresh all-time high.
Chris Burniske, the former head of crypto at Cathie Wood’s ARK Invest, tells his 286,200 followers on the social media platform X that Solana is raring for a new record high.
“SOL looks hungry for ATH (all-time high) to me. ‘Monthly close’ is very close already, and in circulating market cap. SOL is already there.”
At time of writing, SOL is worth $190.41, about 27% away from its all-time high of $259.96 which it hit in November 2021.
Burniske also says that he expects Solana to outperform BNB (BNB) en route to becoming the third-largest crypto asset excluding stablecoins.
“BNB gonna lose its #3 ‘non-stablecoin’ slot forever soon.
Always was gonna be BTC, ETH [and] SOL this cycle.”
Solana’s market cap is currently sitting at $84.53 billion while BNB is hovering at $88.49 billion.
While the investor is bullish on the crypto markets, he says that traders and investors should keep their expectations within reason.
“For the most part, the largest multiples are behind us for this expansion, but the most exciting product development, and intoxicating social froth, is ahead of us – keep your feet on the ground…
BTC at $200,000 = 2.86X from 70,000. BTC 2022 bottom = $15,500, so we’ve already gone 4.52X. Bullish, but within reason. Entiende?
Or take SOL, currently $192. That’s been a 24X from its 2022 bottom of ~$8. If you expect SOL to hit $1,000 (bullish call), then you’re calling for a 5.2X from here (largest X behind). To say greater multiples ahead for SOL this expansion, claims SOL > $4,600 (unlikely in my opinion).”
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