Amid the whirlwind of crypto dynamics, Solana (SOL) seems to be stirring up discussions and making headway. Chris Burniske, a seasoned crypto investor and venture capitalist, has brought to the forefront Solana’s rising potential to eclipse Ethereum (ETH) in the emerging trend landscape.
Illustrating his point, Burniske shared an insightful chart, a creation of respected on-chain analyst Will Clemente. This chart depicts the trajectory of Solana in comparison to Ethereum (SOL/ETH), marking a series of consistent higher lows and peaks. Such patterns hint at a possible alteration in the overarching momentum in the foreseeable future.
He remarks, “If you’ve been paying attention, you see the obvious; if you’ve become tribally attached to your exclusive team, you’ll continue with willful ignorance.”
If you’ve been paying attention you see the obvious; if you’ve become tribally attached to your exclusive team, you’ll continue with willful ignorance. https://t.co/3S6RFWdRJ0
— Chris Burniske (@cburniske) September 30, 2023
Burniske’s optimism about Solana isn’t newfound. He has maintained a bullish stance on SOL, especially noting its steady price actions throughout the recent year. As a former crypto analyst for Cathie Wood’s ARK Invest, he recognizes the allure Ethereum holds for developers, given its established ecosystem and the comfort developers derive from it.
However, as the co-founder of venture capital titan Placeholder, Burniske provides an alternative viewpoint for investors regarding SOL. He shares, “If you’re a builder I understand the desire to stick with Ethereum and continue to believe Ethereum’s future is bright (Placeholder continues investing in it). If you’re an investor, not adding some SOL exposure to an existing ETH holding requires lots of mental gymnastics.”
Have been bullish this entire bottom range
— Chris Burniske (@cburniske) September 30, 2023
Burniske draws parallels between Ethereum enthusiasts and the early Bitcoin (BTC) bulls, noting that much like the Bitcoiners believed the entire crypto universe would revolve around Bitcoin, Ethereum aficionados may be in for a surprise. He comments on this cyclical pattern saying, “Saw the same thing play out with Bitcoiners, that I’m seeing with some Ethereans now. The rallying cry is the same: ‘Everything will be built on Bitcoin!’ ‘Everything will be built on Ethereum!’ ‘BTC will capture all value!’ ‘ETH will capture all value!’ Flat circle.”
Saw the same thing play out with Bitcoiners, that I’m seeing with some Ethereans now.
The rallying cry is the same:
“Everything will be built on Bitcoin!”
“Everything will be built on Ethereum!”
“BTC will capture all value!”
“ETH will capture all value!”
Flat circle.
— Chris Burniske (@cburniske) September 30, 2023
As Solana continues to gain traction and Ethereum remains a dominant force, the crypto community is left pondering: Will the predictions about Solana’s rise come true, and what implications might it have for the broader crypto ecosystem?
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