Venture Capitalist Stays Bullish on Solana, Cosmos Market

• The top market analyst remains bullish on the future outlook of Solana.
• This is despite the indictment of the asset following the SEC crackdowns on exchanges.

Placeholder’s cofounder, Chris Burniske who is also a former analyst at Cathie Wood’s ARK Invest opines that the recent dip in the price of Solana (SOL) and Cosmos (ATOM) is of no major consequence at a fundamental level. 

Burniske had once said that SOL is the next “Ethereum-level” opportunity for the crypto industry. The crypto investor still believes that the future has a better outlook even if the market is currently fluctuating. Notably, the plunge in SOL and ATOM prices followed the SEC’s lawsuits against Binance and Coinbase.

On Friday, June 9th, Burniske tweeted

To reply guys asking me about SOL, ATOM or ____ token: why would any thesis change because of something a self-interested regulator does? Recent events will be blips in retrospect – onwards.

He also shared a screenshot of a Coindesk post where a developer declared that he doesn’t think his colleagues care about what the SEC says about the Solana native token.

Burniske foresees a 2024 crypto redemption arc where SOL and other tokens will go on a bull run. Noteworthy, the crypto investor has had a certain kind of affinity for Solana for a long time. In February, he categorized the token as one which is both contentious and undervalued. An earlier Crypto-News Flash report further confirmed Burniske’s claim on the undervaluation of SOL.

At the beginning of June, Raj Gokal, one of the co-founders of the Solana blockchain noted that the platform was garnering attention for its potential to become the ‘Apple of crypto’. Gokal itemized Apple’s success and showed how similar SOL is to the tech firm in terms of user experience and performance. These talks led to the subject of SOL undervaluation.

Solana Indicted in U.S. SEC Lawsuit Against Binance

A week ago, the United States regulator brought up a civil action against the largest digital asset service provider Binance for mishandling customers’ funds, misleading investors, flouting Know-Your-Customers (KYC) rules, and offering unregistered securities for sale. 

Several tokens including Solana (SOL), BNB, Binance USD stablecoin (BUSD), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos Hub (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS,) and Coti (COTI), were categorized as securities.

Consequently, the prices of the listed tokens and other altcoins began to plummet immediately, Dogecoin (DOGE) price slipped below $0.07 and was trading around $0.06752. The Almighty Bitcoin (BTC) dropped to around $25,400, Ethereum (ETH) plunged by over 5 percent,  BNB, and SOL dipped by 10 percent while Litecoin (LTC) slipped by 9 percent. ADA and MATIC slumped by 9 percent to $0.7621.

From that time till now, Solana and most of these tokens have had a significant drop in their prices with SOL dropping by around 94 percent from its All-Time High (ATH).

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