ChatGPT predicts a bullish rally for Solana – its metrics concur
I asked ChatGPT to predict Solana’s performance in Q3 2023. The prediction is optimistic, in line with what the indicators say.
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The price of Solana [SOL] rose nearly 30% following the news of Ripple [XRP] securing a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) on 13 July.
The U.S. District Court of the Southern District of New York ruled in its judgement that the sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence, it is not a security in this case. But the court also ruled that the institutional sale of the XRP tokens violated federal securities laws.
The crypto industry has lapped up the judgement instantly, generating a price rally across tokens.
Even as SOL is touted to be the “Ethereum [ETH] killer,” Solana Labs co-founder Anatoly Yakovenko seems to be in agreement with the idea of using Ethereum as a layer-2 for the Solana blockchain.
Even Ethereum founder Vitalik Buterin is an admirer of the Solana protocol. When the SEC sued Binance [BNB] and Coinbase [COIN] in early June, it labeled several altcoins, including SOL, as securities. Even Buterin rued the manner in which the regulator is targeting projects like Solana.
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 [BTC] climbed 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.
In June, the on-chain analytics firm Messari published a report analyzing the degree of decentralization among different chains. Proof-of-stake (PoS) network Solana, with an aggregate Nakamoto coefficient of 1.9, seemed to have outperformed its peers.
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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, 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 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 well-trained on a vast array of topics. Yet, we must remember 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 not to 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 we provide it with details about recent price movements.
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 –
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