An Ethereum (ETH) competitor appears poised to overtake the leading smart contract platform, says a venture capitalist who correctly called the crypto bottom of 2022.
Chris Burniske, Founder, Placeholder Capital, Tells His 263,000 followers on social media platform
Looking at the SOL/ETH pair, Burniske points out that Solana has already regained the 0.01 ETH level and may be on its way to reaching 0.02 ETH in the next push.
“SOL: 0.01 ETH redeemed first, 0.02 ETH in next big risk expansion?”
Veteran crypto investor Notes That his prediction is not a criticism of Ethereum and that he is bullish on both ETH and SOL simultaneously.
“For those who think this is an attack on ETH, think again. It’s very easy to hold and support both assets and networks – different risks, different insights, and both are good. I’ve been doing the same thing with Bitcoin and ETH for a long time, much to my dismay. People who were previously powerful [Bitcoin maxis]”.
According to Poniski, so does Solana an offer Signs of “returning from the ashes” due to low transaction fees and high throughput.
“Quiet product launches, upgraded functionality, lower fees, increased productivity, and zero noise – these are all signs of a new product cycle emerging from the ashes.”
Solana has fallen sharply from its all-time high of $259.24 set in November 2021 to its current price of $19.45, a 92.5% decline.
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