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AI, blockchain, and crypto – the trio that’s been stealing the limelight in the 21st century.
Now, imagine the fireworks when you mix these mighty forces together. That’s precisely the daring feat Solana is on the brink of pulling off – merging the game-changing prowess of AI with the ground-shaking power of blockchain.
So, is this the golden ticket to Solana’s comeback? Or is it a wild goose chase?
Let’s dive into the exciting details!
TLDR 📃
- Solana is crafting a ChatGPT plugin to serve as its front-end.
- Despite past hiccups, May saw a surge of users and activity on Solana.
- Now back in the top 10 crypto assets, SOL flipped MATIC by market cap.
- But the ChatGPT partnership isn’t a cure-all for Solana’s challenges.
- There’s talk of Solana’s price taking a bearish turn, possibly to $15.
- The Solana Foundation has a $1 million fund to boost AI integration.
Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your responsibility and yours only.
SolanaGPT 🤖
In late April, Solana Labs revealed they’re working on a ChatGPT plugin. It’ll be like having a personal blockchain assistant that can transfer tokens, create NFTs, check balances, and more – all on your command.
But it’s more than just an assistant. Think of it as an all-access pass to the entire Solana blockchain.
This ChatGPT plugin won’t just help with simple tasks; it’s your personal on-chain analyst. Instant access to all Solana metrics – wallet balances, liquidity pool data, protocol treasury accounts – you name it. You can ask ChatGPT to analyze data and predict possible outcomes.
With the mind-boggling capabilities of ChatGPT and full access to a blockchain, the possibilities are endless. As an investment analyst, it’s incredibly thrilling.
But the key question is, could this upcoming ChatGPT integration spark a revival in Solana activity? Before answering that question, let’s look at the activity so far for better clarity.
Rising from the ashes: who’s in the ring?
Just last week, we discussed how Solana’s locking horns with big names like Ethereum and Bitcoin for the title of most active users. Yet, it seems the real showdown is much closer to home.
Post the FTX collapse, Solana’s reputation took a serious hit. Most signs pointed towards a dead end with users and projects swaying towards Ethereum’s Layer-2s and Polygon.
Solana & Polygon DeFi TVL (Total Value Locked)
Looking at the total value locked (TVL) unveils the steep drop that shook Solana in November – a challenge it’s still striving to overcome. Still, it’s clear that users have bounced back, even if projects are a bit sluggish. Despite the stagnant TVL, the influx of new users has indeed rekindled investor interest in Solana.
This month’s progress has been relentless. User counts, transaction counts, and new wallets – all have seen explosive growth. The only exception? Price.
Yet, there’s a silver lining. Solana has clawed its way back into the top 10 crypto assets by market cap, nudging out Polygon to grab the tenth spot.
This suggests Solana’s price action has been largely speculative. But, this speculation indicates trust and conviction in the Solana ecosystem. So, what’s next for SOL’s price?
Price analysis 📉
Unfortunately, as exciting as the developments are on Solana, the charts aren’t sharing the same excitement. In fact, the short-term looks bearish.
Right now, SOL is caught in a bit of a limbo between $22 and $19. We’ll need to see a break past one of these levels to know for sure where things are headed.
If SOL wraps up a week over $22, we can wave goodbye to further drops. But if it closes under $19, we might be on the express train to $15 town.
Though we’d love to be more optimistic, the odds seem to be pointing south. So yes, we’re looking for $15 in the short-term.
Note: These are all short-term fluctuations that don’t matter much for the big picture. If you want to see a long-term chart prediction for Solana – let us know in the comments below!
What’s next for Solana?
The Solana Foundation is really shaking things up to draw in users and build a top-notch crypto ecosystem. Their game plan? Merging Solana’s blockchain with ChatGPT in a smart, user-friendly way. Trust me, this is a breath of fresh air compared to others who’ve used AI just for the hype.
To push this forward, they’ve dedicated a $1 million fund for projects creating AI-powered tools in the Solana ecosystem. AI isn’t just a fancy marketing trick for them – it’s a real tool to make Solana even better. We’ll keep you posted on once the full integration is live, it’s currently in beta mode.
So, Solana’s hard at work, and that’s what we love to see. Sure, not every try will be a home run, but you’ve got to swing the bat to hit the ball. We’re expecting this integration to boost Solana’s stats. But the real question is, will it last?
Cryptonary’s take 🧠
Solana is cooking up a more appealing blockchain for future users. And let’s not forget the user-friendly experience it’s always nailed, something it’s got over Ethereum.
This AI thing they’re trying out is pretty cool, though we’re not expecting it to send prices soaring right away. In fact, the market’s looking a bit gloomy, with a probable dip to $15 in the coming weeks.
But here’s the thing: despite the rough ride Solana’s had with the FTX fiasco and a whopping 95% drop in TVL, it’s still powering through. And that tenacity makes Solana a real contender in the crypto world. Sure, it might not get as much hype or funding as Layer-2s in the next year or so, but it’s holding its own.
Remember, in the world of crypto – build, and the users will come.
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