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Renowned cryptocurrency investor Chris Burniske, known for predicting the bottom of the cryptocurrency market in 2022, has announced that he expects a significant breakout for Ethereum (ETH), the king of altcoins.
Prediction of 2551% Increase in SOL
Addressing an anonymous investor who revealed a $75,000 investment in Solana (SOL), Chris Burniske, the founder of Placeholder Capital and former crypto head of ARK Invest, said that this investment could turn into $2 million. Burniske’s prediction is based on the assumption that Solana could double its all-time high of approximately $260 reached in November 2021 and reach astronomical price points.
Burniske stated, “I assume that SOL will at least double its all-time high, which I believe is possible, but I can always be wrong.”
At the time of writing, Solana is trading at $19.49 with a 1.48% decrease in the last 24 hours. To reach Burniske’s predicted price of $520 for SOL, it would need to gain approximately 2,551%.
“Rising from the Ashes” Comment for Solana
Earlier this month, Burniske predicted that Solana would outperform Ethereum during the next market rally. According to the famous crypto investor, the leading smart contract platform has various factors that give it an advantage over other cryptocurrencies in terms of market value:
Quietly launched new product releases, enhanced functionality, lower transaction fees, and higher yields… There is no exaggeration here. It appears to have all the signs of a new product cycle rising from the ashes.
The crypto investor also recently expressed the view that the chances of Bitcoin (BTC) and Ethereum hitting new lows in 2023 are low, and long-term bullish trends will continue for the next two years, along with Solana.
