An investor who accurately rated the bottom of the cryptocurrency market in 2022 is expressing bullish sentiment on a leading Ethereum (ETH) competitor.
Reacting to an anonymous individual who confessed online to investing a $75,000 bond in Solana (SOL), Chris Burniske says his 263,300 followers on social media platform X that the investment could become $2 million.
According to the founder of Placeholder Capital and former head of crypto at ARK Invest, his prediction is based on assumption that Solana will reach a price that will double its all-time high of about $260 recorded in November 2021.
“SOL is supposed to reach at least double the previous all-time high, which I think is likely, but I could always be wrong.”
Solana is trading at $19.61 at the time of writing and would need to appreciate approximately 2,551% to reach Burniske’s forecast price of $520.
Earlier this month, the cryptocurrency investor predicted that Solana is likely to outperform Ethereum during the next market rally. According to Burniske, Solana has several factors that give it an advantage to the 10th largest crypto asset by market capitalization.
“Silent product launches, improved functionality, lower fees, higher performance, 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 reach new lows in 2023 and that its long-term bullish trend will continue over the next two years.
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