Solana (SOL) Poised for New All-Time High, Says Venture Capitalist
A venture capitalist renowned for his accurate calls in the cryptocurrency market bottom in 2022 suggests that Solana (SOL) is nearing a new all-time high.
Chris Burniske, the former head of crypto at Cathie Wood’s ARK Invest, conveyed his insights to his followers on the social media platform X, indicating SOL’s potential for reaching a fresh record high.
'Monthly close' is very close already, and in circulating market cap $SOL is already there ¯_(ツ)_/¯ pic.twitter.com/9WdBsoPwvq
— Chris Burniske (@cburniske) March 31, 2024
According to Burniske, SOL seems poised for an all-time high soon, considering its circulating market cap and the imminent “monthly close.”
As of now, SOL is priced at $190.41, which is approximately 27% below its previous all-time high of $259.96 recorded in November 2021.
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Burniske also predicts that Solana could surpass BNB to become the third-largest cryptocurrency excluding stablecoins.
He suggests that BNB is likely to cede its #3 spot to SOL permanently, as this cycle has predominantly featured BTC, ETH, and SOL.
Despite his optimism for the crypto markets, Burniske advises traders and investors to maintain realistic expectations.
He points out that while significant gains may have already occurred in this market cycle, there are still promising developments and social momentum ahead. It’s crucial to remain grounded.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
