A notable investor, Chris Burniske, who accurately predicted the bottom of the cryptocurrency market in 2022, foresees that Solana (SOL) is on the verge of achieving a new record high. According to Burniske, Solana is showing strong potential for hitting an all-time high as its monthly close approaches and its circulating market cap is almost there.
Currently, SOL is priced at $190.41, trailing by approximately 27% from its peak of $259.96 from November 2021. Burniske also anticipates that Solana will surpass Binance Coin (BNB) and secure its position as the third-largest cryptocurrency excluding stablecoins.
Solana's market capitalization stands at $84.53 billion, slightly trailing behind BNB, which is at $88.49 billion. Despite his optimism towards the crypto markets, Burniske advises traders and investors to maintain realistic expectations. He believes that while significant growth has been observed in this cycle, the most thrilling product advancements and social excitement are yet to come.
For instance, Burniske explains that if Bitcoin (BTC) reaches $200,000, it would result in a 2.86X increase from $70,000, already more than the 4.52X growth from its 2022 low of $15,500. Similarly, Solana's current price of $192 signifies a substantial 24X surge from its low of approximately $8 in 2022. If an individual expects SOL to hit $1,000, the resultant 5.2X expansion from the current price would mark the largest surge so far. In conclusion, Burniske deems it improbable for SOL to exceed $4,600 during this period of expansion.
Source: The Bit Times
