coinspress.com
According to Chris Burniske, a venture capitalist, Solana (SOL) may experience a significant upward movement, potentially becoming a rival to Ethereum (ETH).
Burniske, who is a partner at Placeholder and a former ARK Invest analyst, believes that if SOL can surpass its 200-day simple moving average (SMA), it could lead to a substantial rally for the cryptocurrency.
$SOL definitively reclaiming its 200D SMA should be a glorious move 🫡
— Chris Burniske (@cburniske) March 18, 2023
He stated that “SOL definitively reclaiming its 200-day SMA should be a glorious move,” with the current 200-day moving average for SOL at around $23.
At the time of writing, SOL is trading at $22.42.
Burniske has previously speculated that Solana could be the next big opportunity, similar to Ethereum, in the event of another bull market.
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In a recent interview, he said that Placeholder is implementing an “aircraft carrier strategy” around the Solana and Cosmos ecosystems, where they invest in the core asset and also venture invest around the ecosystem to identify and support the best teams.
He also highlighted that Solana is an undervalued and contentious ecosystem that should be closely monitored.