Crypto Exec Says Solana Is ‘Hungry’ For New Record High — Will SOL Surpass Ether’s $390 Billion Market Cap?

Crypto Exec Says Solana Is ‘Hungry’ For New Record High — Will SOL Surpass Ether’s $390 Billion Market Cap?
ôîòî ïîêàçàíî ñ : zycrypto.com

2024-4-3 20:24

Solana’s native token SOL is poised to take another trip to a new all-time high under a scenario favored by former ARK Invest crypto lead Chris Burniske. Burniske also believes SOL will soon overtake Binance-adjacent cryptocurrency BNB (BNB).

Burniske Envisions New All-Time High For SOL

In a March 31 post on X (formerly known as Twitter), Chris Burniske, who is now a partner at crypto venture capital firm Placeholder, said Solana’s SOL is due for another leg up that will take the token to new lifetime highs.

“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,” he said.

As of April 2, the Solana price is $181.37 as the broader crypto market nursed losses. Bitcoin, the world’s largest and oldest cryptocurrency, plunged to sub-$66,000.

Interest in the Solana network has surged in recent months as new meme tokens such as BONK and Dogwifhat (WIF) gained popularity. This meme coin craze catapulted the SOL price higher, rejuvenating its ecosystem after being one of the most beaten-down assets throughout the bear market. Moreover, the Solana market cap hit a new all-time high of $92.4 billion in March. However, the price of SOL is still well below its all-time November 2021 high of $259.96.

Burniske also thinks Solana is dangerously close to flipping BNB (BNB) to become the third most valuable crypto, excluding Tether (USDT) stablecoin.

“BNB gonna lose its #3 ‘non-stablecoin’ slot forever soon. Always was gonna be BTC, ETH [and] SOL this cycle.”

Solana’s market cap is hovering at $80.9 billion as of publication time, while BNB’s sits at $86.1 billion.

This is as good a time as any to mention that BNB has been struggling to gain traction amid Binance’s ongoing legal woes. Binance founder and ex-CEO Changpeng “CZ” Zhao will be sentenced on April 30. CZ is currently out on a $175 million personal bond, but he is not allowed to leave the United States.

That being said, despite the “Ethereum killer” moniker many of its proponents tout, Solana still has a long way to go to surpass ETH’s $390 billion market cap.

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Binance Corroborates Solana Network’s Congestion Issues

Solana’s congestion problem continues to devour the L1 network with the latest grumbles coming from Binance users, prompting the exchange to issue a notice on Tuesday. “The Solana (SOL) network is currently experiencing congestion due to an increase in high compute transactions, which is reducing its network capacity to several thousand of transactions per second […]

2022-1-13 00:29


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