Noted venture capitalist and former head of crypto at ARK Invest, Chris Burniske, made a bold prediction about the future of Solana (CRYPTO: SOL). He suggested that Solana is gearing up to break its previous records.
What Happened: Burniske, who has a track record of accurate predictions in the cryptocurrency market, shared his insights with his 286,200 followers on X, reported The Daily Hodl.
He stated, “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.”
Burniske suggests that Solana is poised to overtake Binance Coin (CRYPTO: BNB) and claim the third spot among the largest crypto assets, trailing only Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), excluding stablecoins.
“BNB gonna lose its #3 ‘non-stablecoin’ slot forever soon. Always was gonna be BTC, ETH [and] SOL this cycle,” Burniske predicted.
Despite his bullish outlook on Solana, Burniske advises traders and investors to keep their expectations realistic.
At the time of writing this article, Solana was trading 10.5% lower at $180.63 as per Benzinga Pro.
Why It Matters: It is worth noting that on Monday Solana’s price had decreased by 4.3% to $189.51. This continued a week-long downward trend, moving from $192.45 to its current price.
Moreover, Solana Labs co-founder Anatoly Yakovenko expressed skepticism about the idea of meme coins contributing to the public good, amid the rise of Solana-based meme coins like Dogwifhat (CRYPTO: WIF) and Bonk.
Image via Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!