Venture Capitalist Who Predicted 2022 Crypto Market Bottom Expects 2,500% Rally For Solana

In a recent social media interaction, Chris Burniske, the brain behind Placeholder Capital and a former pillar at ARK Invest, shared a highly optimistic trajectory for the cryptocurrency Solana SOL/USD.

What Happened: Drawing from his history of precise predictions in the crypto space, including the 2022 crypto bottom, Burniske said he envisions a future where Solana not only competes fiercely with Ethereum ETH/USD but potentially overshadows it.

During an exchange on X last Thursday with a Solana investor who had plunged a $75,000 bonus into the crypto, Burniske projected a potential growth spurt for the investment, predicting that it would to an impressive $2 million.

The bullish anticipation hinges on Solana doubling its November 2021 peak value of roughly $260.

"Assumes SOL goes at least 2x former all-time high, which I think likely, but can always be wrong,” Burniske said, highlighting the volatile and speculative nature of the crypto market.

Also Read: Former ARK Invest Head Sees Upward Reversal for Crypto Markets: Time To Start Accumulating?

At the time he made his prediction, Solana was valued at $19.61. For Burniske's projection to materialize, SOL would have to surge by a staggering 2,551% to reach the $520 benchmark.

Previously, Burniske spotlighted Solana's potential to eclipse Ethereum in the upcoming market rally, attributing this to a series of favorable developmentsm including silent product launches and enhanced functionalities coupled with reduced fees and a hype-free environment.

“Quiet product launches, upgraded functionality, lower fees, more throughput, no hype — all signs of a new product cycle coming to life from the ashes,” he added.

Extending his analysis to other market leaders like Bitcoin BTC/USD and Ethereum, Burniske said he maintains a positive stance, dismissing the likelihood of these giants hitting new lows in 2023. He said he foresees a sustained upward trend dominating the next few years.

Now Read: Crypto's 2022 Bottom Confirmed? Ex-ARK Exec Predicts Bullish Surge For Bitcoin, Ethereum, Solana

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock