In a recent social media interaction, Chris Burniske, the brain behind Placeholder Capital and a former pillar at ARK Invest, shared a highly optimistic trajectory for the cryptocurrency Solana (CRYPTO: SOL).
Drawing from his history of precise predictions in the crypto space, including the 2022 crypto bottom, Burniske said he envisions a future where Solana not only competes fiercely with Ethereum (CRYPTO: ETH) but potentially overshadows it.
During an exchange on X last Thursday with a Solana investor who had plunged a $75,000 bonus into the crypto, Burniske projected a potential growth spurt for the investment, predicting that it would to an impressive $2 million.
The bullish anticipation hinges on Solana doubling its November 2021 peak value of roughly $260.
“Assumes SOL goes at least 2x former all-time high, which I think likely, but can always be wrong,” Burniske said, highlighting the volatile and speculative nature of the crypto market.
At the time he made his prediction, Solana was valued at $19.61. For Burniske’s projection to materialize, SOL would have to surge by a staggering 2,551% to reach the $520 benchmark.
Previously, Burniske spotlighted Solana’s potential to eclipse Ethereum in the upcoming market rally, attributing this to a series of favorable developmentsm including silent product launches and enhanced functionalities coupled with reduced fees and a hype-free environment.
“Quiet product launches, upgraded functionality, lower fees, more throughput, no hype — all signs of a new product cycle coming to life from the ashes,” he added.
Extending his analysis to other market leaders like Bitcoin (CRYPTO: BTC) and Ethereum, Burniske said he maintains a positive stance, dismissing the likelihood of these giants hitting new lows in 2023. He said he foresees a sustained upward trend dominating the next few years.
Produced in association with Benzinga