- Renowned venture capitalist Chris Burniske predicts Solana (SOL) will reach a new all-time high, potentially overtaking Binance Coin (BNB) in market cap.
- Burniske expects Solana to secure the third-largest position in the crypto market, excluding stablecoins, indicating a significant shift in rankings.
Chris Burniske, a venture capitalist renowned for accurately predicting cryptocurrency market trends, asserts that Solana (SOL) is set to hit a new ATH (all-time high).
The former head of crypto operations for Cathie Wood’s ARK Invest stated on his X account, which has over 286,000 followers, that Solana’s trajectory places it on course for a new all-time high, predicting it to overtake BNB’s market cap.
Chris Burniske noted, “$SOL looks hungry for ATH to me. ‘Monthly close’ is very close already, and in circulating market cap, $SOL is already there.”
$SOL looks hungry for ATH to me pic.twitter.com/rSCcfMBtIN
— Chris Burniske (@cburniske) March 31, 2024
In the current intraday session, SOL trades at $187.61, placing it approximately 28% below its previous ATH of $259.96 on November 6, 2021. Solana’s current trading position is 298.01% above its 200-day SMA at $47.08.
Furthermore, recent market performance indicates a favorable trend, with positive price movement in 19 out of the last 30 days. Moreover, SOL’s price printed a 784% gain on a YTD, outstripping 91% of the top 100 crypto assets.
Solana Set to Overtake BNB: Burniske Predicts Shift in Cryptocurrency Rankings
The venture capitalist also projected Solana’s market performance to surpass BNB’s, potentially securing its position as the third-largest cryptocurrency, excluding stablecoins.
Burniske predicts that BNB will fail to sustain its position as a leading stablecoin in the market. Instead, he points to a long-standing BNB rival as the altcoin poised to replace BNB. “BNB gonna lose its #3 ‘non-stablecoin’ slot forever soon. Always was gonna be BTC, ETH [and] SOL this cycle.” He wrote in a post shared to X.
$BNB gonna lose its #3 'non-stablecoin' slot forever soon.
Always was gonna be $BTC $ETH $SOL this cycle pic.twitter.com/IV3lEBpu9f
— Chris Burniske (@cburniske) March 31, 2024
Solana’s market cap is $84.53 billion after a 5.40% rally in the past 24 hours. In addition, SOL’s trading volume increased by 1.91%, hitting $4,409,022,719 over the same period.
Meanwhile, BNB’s intraday trading session gained a modest 0.56% to $88.49 billion. However, the coin’s 24-hour trading volume declined by 14.42% to $2,159,509,119.
Despite expressing optimism about the crypto markets, he advises traders and investors to maintain realistic expectations.
According to the investor, “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.”
