Venture capitalist Chris Burniske says that Ethereum (ETH) rival Solana (SOL) could be setting itself up for a massive move to the upside.
Burniske, a former ARK Invest analyst and a current partner at venture capital firm Placeholder, says that a big rally may be in store for Solana if it can clearly break the 200-day simple moving average (SMA),
“SOL definitively reclaiming its 200-day SMA should be a glorious move.”
SOL’s 200-day moving average is currently hovering at about $23. At time of writing, SOL is trading for $22.42.
Burniske has previously predicted that Solana could be the next “Ethereum-level” opportunity should another bull market happen.
Last month, Burniske said,
“I think if I had to pick an ecosystem that’s contentious and that you should pay attention to, and in its contentiousness is undervalued, it would be Solana. Placeholder, each bear market, tends to pick an ecosystem or two and build an aircraft carrier strategy around that ecosystem. And so the last bear [market], it was ETH and Bitcoin, because those were really the only things at scale and liquid enough to justify.
And what I mean by aircraft carrier – if you take Ethereum, buy a bunch of the core ETH asset, but then venture invest around it and really get to know that ecosystem and who all the people are that are working on say, at that point in time, lending or DEXs [decentralized exchanges] or asset management or whatever. And then you can pick the best teams of the teams that most speak to you from a venture perspective. We’re doing that exact same aircraft carrier strategy around Cosmos and Solana right now.”
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- Source: https://dailyhodl.com/2023/03/20/top-ethereum-rival-could-be-gearing-up-for-glorious-move-says-investor-who-called-2022-crypto-bottom/
