An investor who accurately called the crypto market bottom in 2022 is expressing bullish sentiment on a leading Ethereum (ETH) competitor.
Reacting to an unnamed individual who confessed online to investing a $75,000 bonus in Solana (SOL), Chris Burniske tells his 263,300 followers on the social media platform X that the investment could turn into $2 million.
According to the founder of Placeholder Capital and former head of crypto at ARK Invest, his prediction is based on the assumption that Solana will reach a price double its all-time high of about $260 recorded in November of 2021.
“Assumes SOL goes at least 2x former all-time high, which I think likely, but can always be wrong.”
Solana is trading at $19.61 at time of writing and would have to appreciate by approximately 2,551% to reach Burniske’s envisaged price of $520.
Earlier this month, the crypto investor predicted that Solana is likely to outperform Ethereum during the next market rally. According to Burniske, Solana has various factors that give the 10th-largest crypto asset by market cap an edge.
“Quiet product launches, upgraded functionality, lower fees, more throughput, no hype – all signs of a new product cycle coming to life from the ashes.”
The crypto investor also recently said that Solana, as well as Bitcoin (BTC) and Ethereum, are unlikely to make new lows in 2023 and that their long-term uptrend will continue into the coming two years.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney