Top Analyst Says, Top ETH Rival May Be Preparing For Glory

Chris Burniske, a venture capitalist, says that Solana (SOL), which competes with Ethereum (ETH), could be getting ready for a huge move up.

Burniske, who used to be an analyst at ARK Invest and is now a partner at venture capital firm Placeholder, says that Solana could have a big rally if it can break the 200-day simple moving average (SMA),

“SOL definitively reclaiming its 200-day SMA should be a glorious move.”

The 200-day moving average for SOL is right now around $23. At the time this was written, SOL was being sold for $22.42.

Burniske has said that if there is another bull market, Solana could be the next “Ethereum-level” opportunity.

Last month, Burniske said,

“I think if I had to pick an ecosystem that’s contentious and that you should pay attention to, and in its contentiousness is undervalued, it would be Solana. Placeholder, each bear market, tends to pick an ecosystem or two and build an aircraft carrier strategy around that ecosystem. And so the last bear [market], it was ETH and Bitcoin, because those were really the only things at scale and liquid enough to justify.

And what I mean by aircraft carrier – if you take Ethereum, buy a bunch of the core ETH asset, but then venture invest around it and really get to know that ecosystem and who all the people are that are working on say, at that point in time, lending or DEXs [decentralized exchanges] or asset management or whatever. And then you can pick the best teams of the teams that most speak to you from a venture perspective. We’re doing that exact same aircraft carrier strategy around Cosmos and Solana right now.”