Despite all the turbulence Solana (SOL) witnessed over the past six months, it remains a top-10 asset by market cap in the crypto sphere. This speaks volumes of investors’ and holders’ trust in Solana, dubbed the “Ethereum killer” by some of its more ardent users.
Price Performance and Trends
This was reflected well on the price charts. Heading into 2023, SOL was hovering around the $10 support zone. It was already in the grips of a downtrend that stretched back to November 2021, back when SOL was trading at $200. Just as investors began anticipating further losses across the crypto-market in January, Bitcoin began to climb past $17k and shifted the shorter-term sentiment to bullish.
Solana benefited massively from this shift and recorded gains of 175% in 21 days. However, it could not breach the $26-$28 resistance zone, which has acted as support since June-November 2022.
Predictions and Analysis
The most bullish scenario of 2023, according to AMBCrypto’s prediction bot, could see SOL valued at $75.5. However, we can ask another bot for its take on the price, the network health, and the trajectory of Solana after giving it some relevant data points.
Can we coax ChatGPT into a Solana price prediction if we give it enough information?
ChatGPT’s Insights on Solana
ChatGPT has been a remarkable chatbot and the updates of the past month have made ChatGPT 4.0 quite impressive. It is a powerful tool for learning and has been trained on a vast array of topics. Yet, it must be said that the bot is engineered to mimic a human, and is not necessarily guaranteed to be factually accurate. The jailbreak version of ChatGPT would likely be even more inaccurate as it is specifically instructed to not say no to anything the user requests.
And yet, it is possible to obtain some guesses from the chatbot on what the future might hold if it is given an idea of what the present and recent past have been like.
So, what does ChatGPT make of Solana? Does it see a route to recovery after its recent setbacks? Based on transaction fees and transaction speeds, ChatGPT seems to think Solana will be an Ethereum killer.
We are yet to inform it of the challenges that Solana and SOL investors have faced in recent months. Let’s start with the biggest dent in investor confidence –
FTX, where the freefall began
Sam Bankman-Fried was one of the most vocal proponents of the Solana network. He was seen as a credible and smart investor and entrepreneur who was CEO of one of the largest crypto exchanges, FTX. Even though Binance reigned supreme in terms of volume and token pairs, FTX was giving it a run for its money. Competition is also good for the industry and serves the customers.