- Solana has been predicted to establish a new all-time high price above the $260 recorded on November 6, 2021.
- Another analyst has predicted that SOL could surge by 80% from the bottom of the bull flag to $330.
Chris Burniske, the former head of crypto at Cathie Wood’s ARK Invest makes a bold prediction for Solana (SOL) after it made an unsuccessful attempt to breach and sustain its price above $208. Speaking to his 286,200 followers on X, the venture capitalist who rightly predicted the 2022 crypto market bottom disclosed that Solana is all set to surpass its all-time-high price of $260 from a current price of $187.
He also predicted that the asset would outperform Binance (BNB) to become the third largest crypto by market cap excluding stablecoins.
SOL looks hungry for ATH (all-time high) to me. ‘Monthly close’ is very close already, and in circulating market cap. SOL is already there…BNB gonna lose its #3 ‘non-stablecoin’ slot forever soon.
At the time of writing, SOL had already secured the third position on the largest market cap rankings with a valuation of $83.78 billion and had become the fourth largest crypto on the overall market cap list which has Tether’s USDT in the third position. This is slightly above the $83.17 billion market cap currently recorded by BNB.
Even though SOL’s price has slumped by 0.25% in the last 24 hours, it is one of the best-performing assets from year-to-date (71% YTD). In the last 30 days alone, the asset has surged by 45% and has increased its market dominance to 3.36%.
Solana Investors Cautioned Against Irrational Investment Decisions
Burniske also called on crypto investors to make rational decisions and keep their expectations in check as most of the assets have already increased by multiple-fold from their 2022 lows. According to him, the market has already gone past its largest percentage increments.
For the most part, the largest multiples are behind us for this expansion, but the most exciting product development, and intoxicating social froth, is ahead of us – keep your feet on the ground…BTC at $200,000 = 2.86X from 70,000. BTC 2022 bottom = $15,500, so we’ve already gone 4.52X. Bullish, but within reason. Entiende? Or take SOL, currently $192. That’s been a 24X from its 2022 bottom of ~$8. If you expect SOL to hit $1,000 (bullish call), then you’re calling for a 5.2X from here (largest X behind). To say greater multiples ahead for SOL this expansion, claims SOL > $4,600 (unlikely in my opinion).
Another analyst known as Rekt Capital recently disclosed that Solana’s consolidation pattern hints at an 80% price surge. He also noted that the top of the bull flag formation rejection at $208 suggests a short-term halt in its upward momentum. Speaking on the asset dropping to as low as $173, Rekt Capital explained that a periodic dip to this level is not bad.
However, Solana should be able to maintain above the $184 weekly support. He further pointed out that the asset could stage an 80% upsurge from the bottom of the bull flag to hit $330 once this bullish formation is validated in the coming days or weeks.
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