Crypto investor and venture capitalist Chris Burniske says that Solana (SOL) is poised to start outrunning Ethereum (ETH) in a new trend formation.
Sharing a chart posted by on-chain analyst Will Clemente, Burniske shows Solana versus Ethereum (SOL/ETH) putting in a series of higher lows and higher highs in a potential shift in long-term momentum.
“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.”
Burniske, who has long been optimistic on Solana, says he has been bullish on SOL for the “entire bottom range” of its price action over the past year or so.
The former crypto analyst for Cathie Wood’s ARK Invest also says that many developers understandably prefer to stay within the Ethereum ecosystem since that’s what they’re already comfortable with.
However, Burniske, who’s the co-founder of venture capital firm Placeholder, says that investors should take a different stance on SOL.
“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.”
Burniske goes on to say that just like there was a time when Bitcoin (BTC) bulls believed the entire crypto ecosystem would operate on their preferred network, Ethereum enthusiasts may also be caught off guard when Solana takes a large portion of value capture.
“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.”
At time of writing, Solana is trading for $24, up over 13% in the last 24 hours.
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