Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – Solana rebounded well in January, but the bulls were not able to keep up the pressure – Repeated network outages could spook investors Despite all the turbulence Solana 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.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 from June-November 2022.Read Solana’s [SOL] Price Prediction 2023-24 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 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.A lot has changed since then, and the SEC has charged Mr.Bankman-Fried with defrauding the equity investors of FTX, further alleging that he commingled FTX customer funds with Alameda’s to make undisclosed venture investments.He faces more than 100 years in jail if convicted on all counts.
Not only has the reputation of Solana taken a hit, but the foundation also sold a significant amount of SOL to FTX Trading and Alameda Research.
This amounted to 58.08 million SOL, or 11% of the circulating supply at the time FTX filed for bankruptcy.It was valued close to $1.1 billion at that time.As expected, the price of Solana nosedived in November and declined by 45% from November 11 to 31 December, falling from $18.08 to $8.With rumours of FTX’s insolvency circulating from November 5, SOL had already lost 50% the previous week, when it had been trading near the $38-mark.This took SOL’s total losses from 5 November 2022 to 31 December 2022 to 79.4%.ChatGPT certainly sounds optimistic, and early 2023 went extraordinarily well for investors.And yet, some network issues cropped up, just as they had in 2022.
SOL gained by 180% in January and February 2023, exceeding all expectations From 1 January to 20 February, Solana gained by 179.88% on the price charts and rallied from $9.69 to $27.12.This explosive rally has been credited partially to Bonk, a meme coin introduced within the Solana ecosystem modelled after Shiba Inu.A part of the total 99 trillion supply was airdropped into the wallets of Solana users in December.The transaction count per day had been on a downtrend in the second half of December, but this began to turn around in early January.
Is your portfolio green? Check the Solana Profit Calculator Soon enough, the transactions were picking up pace once more.It was reported that the introduction of the fun meme coin did much to bring the community away from the dark, depressing shadow the FTX debacle had cast on Solana.When fed with on-chain data as well as price action in recent months, the jailbroken version of ChatGPT was able to muster an opinion on the performance of Solana in Q2 2023.The network has faced troublesome outages in recent months, and investor confidence will likely be strongly shaken.The chat bot agreed.When forced to make a guess about Solana’s price in June, it said, The $25-prediction might not be too far off the mark in the weeks to come, especially if Bitcoin bulls can push BTC above the $29.2k mark.
Predictions and guesswork aside, what does price analysis tell us about Solana? Some imbalances remain to the south but $20-level might perform weaker than expected The daily chart showed Solana had traded within a range towards the latter half of January and through February.Marked in orange, this range extended from $20.4 to $26.6.Eventually, SOL was forced beneath the range lows to reach the $16-mark on 10 March.
However, it recovered above $20 a week thereafter.In April, the RSI remained tied to the neutral 50-mark and showed momentum favoring neither the bulls nor the bears.The OBV has also been flat over the past two weeks, underlining neutrality yet again.Therefore, traders can wait for a strong shift in sentiment and a breakout past $22 before buying.
To the north, the $25-target that ChatGPT laid out was easily within reach for SOL bulls.However, Bitcoin has been trading right beneath the $29k resistance zone, and a BTC rejection could see a wave of selling across the crypto-market.On other fronts, it remains likely that Solana would remain a force to contend with in the crypto-sphere.Despite massive setbacks, development on multiple fronts such as Solana Saga, the NFT market, and partnerships have continued without batting an eye.In hindsight, the past few months could turn out to have been an enormous New Year’s sale on SOL.However, investors must temper their expectations as a crypto bull market is not yet in sight.altcoin Enjin Coin’s [ENJ] volume hits YTD peak, this was the driving force – ENJ’s trading volume surged as the platform aims to improve NFT trading.
– The token may not reach a yearly high soon.Enjin Coin [ENJ] has seen a surge in trading volume recently, reaching its highest level in 2023.According to Santiment, the volume reached the Year-To-Date (YTD) high on 8 April, peaking at 459.85 million.How much are 1,10,100 ENJs worth today? This increase in volume meant that the token piqued the interest of investors and invariably drove the crowd’s sentiment toward trading ENJ.
The volume, sometimes, also carves out patterns that align with a bearish or bullish outcome.In ENJ’s case, the rise in the number of transactions on the network enabled ENJ to hit $0.489 — a region it has struggled to reach since 25 February.Although, the price at press time had declined to $0.429 after an 8% decrease in the last 24 hours.Create, collect, and the will to trade But what were the factors that spurred this move? Well, on 4 April, the project announced that developers and gamers in its ecosystem would be able to manage their NFTs easily.According to Enjin, the new platform would allow for the creation, collection, and ability to freeze assets.
2/ With the new platform, you can easily create collections, tokens, and beams.For any #gamedev out there, you will be able to approve, freeze, mutate, and destroy assets all from within an easy-to-use UI platform ✅ — Enjin I We’re Hiring! 🙌 (@enjin) April 4, 2023 A sneak peek at the Enjin development activity revealed that the developer’s contribution to the network was in contrast to the announcement.The metric serves as a measure of the upgrade going on in an ecosystem.At press time, the development activity was down to 0.048.This implied that the polishing of Enjin was not exactly as operational as expected.Nevertheless, it seemed that the Enjin community took the update in good faith, resulting in a hike in the NFT trade volume.Based on the information from the on-chain analytic provider, the total NFT volume skyrocketed to 9.65 million.
This was almost instantly after Enjin released the information to the public.Hence, it could be said that the development caught traders’ interest and propelled their reaction.ENJ price action Concerning its movement, the Relative Strength Index (RSI) was 53.16 at the time of writing.In examining the daily chart, the RSI value indicated a drop from ENJ’s attempt to sustain the buying pressure.Thus, its reversal showed that it might not long hit the overbought territory.Subsequently, it has the potential to succumb to selling pressure.
Realistic or not, here’s ENJ’s market cap in BTC’s terms As per its Moving Average Convergence Divergence (MACD), a slight bullish momentum still existed.However, it would require a significant rise of the blue and orange dynamic line above the histogram if ENJ was to reclaim the price increase.In other developments, Enjin was still finalizing the public access of NFT.io, the marketplace powered by the Enjin ecosystem.When it officially launches, there is a chance that the buzz would drive traders to own NFTs created under the blockchain.In other developments, Enjin was still finalizing the public access of NFT.io, the marketplace powered by the Enjin ecosystem.When it officially launches, there is a chance that the buzz would drive traders to own NFTs created under the blockchain.
altcoin As Polygon surpasses Ethereum in this metric, where does MATIC stand – Polygon outperformed Ethereum in terms of activity over the last 24 hours.
– However, TVL growth for Polygon remains low as DEX volume declined.Polygon [MATIC] has emerged as a prominent L2 solution in recent years, with several partnerships and an influx of NFT migrations contributing to its ability to remain competitive with other layer 2 solutions.Read Polygon’s [MATIC] Price Prediction 2023-2024 As per the data shared by Token Terminal, Polygon surpassed Ethereum [ETH] in daily active addresses owing to these factors.
In the previous 24 hours, the count of daily active addresses on the Polygon network stood at 399,950, while Ethereum recorded 376,350 users.🧐 pic.twitter.com/OBqlogke35 — Token Terminal (@tokenterminal) April 8, 2023 The surge in activity on Polygon can be attributed to several factors, and one of them is the performance of its dApps.Notably, well-known dApps like Planet IX observed a significant increase in both active addresses and volume, with the latter rising by 15.29% in the last month.The NFT market of Polygon also experienced a surge in interest, and this can be linked to the migration of y00ts NFT.After the transfer to the Polygon network, the y00ts NFT witnessed a notable rise in both volume and the count of holders.Since the migration started on 28 March, y00ts’ secondary sales saw $4.6M in volume from 1,043 sales, averaging $4,461 per sale.Not all roses and sunshine However, Polygon faced some challenges in the DeFi space, particularly in its DEX volume.Compared to other Layer 2 solutions, such as Arbitrum [ARB], Polygon’s DEX volume saw a significant decline.
This had a knock-on effect on the total value locked (TVL) on the network, which also experienced a decrease.Polygon’s native token, MATIC, was also facing some setbacks.Santiment’s data revealed that the overall transaction count on the network saw a decline, and the price of MATIC dropped from $1.16 to $1.096 during this period.Is your portfolio green? Check the Polygon Profit Calculator Despite the price correction, there was a lack of interest in MATIC among new addresses, which was evident from the declining network growth.
Only time will tell whether Polygon’s surge in daily activity will have a positive impact on the price in the future.AI I questioned ChatGPT’s Ethereum Classic price prediction and this happened Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion If you are considering adding proof of work cryptos in your portfolio, chances are you have shortlisted Ethereum Classic (ETC).It is one of the few remaining options in the PoW category, but, you may have also noticed that it has been overshadowed particularly by its counterpart – Ethereum.Ethereum Classic’s performance so far this year confirms that it can still attract investor attention.However, the network has been losing popularity from a long-term perspective.
Speaking of popularity, artificial intelligence has really taken off this year, with ChatGPT leading this charge.Assessing fundamental data using the ChatGPT AI Perhaps, we can leverage the power of AI to try and find out what the future has planned for ETC.I asked ChatGPT about Ethereum Classic and the interaction was rather interesting.
The initial plan was to establish the depth of the AI before going deeper into the type of information that I wanted to pursue.The first question requested ChatGPT to provide a detailed and concise explanation of Ethereum Classic and its fundamentals.Here’s the response – Here is the response after switching to dark mode and requesting a shorter version – The AI seemed to have a good handle on things based on the information it provided.However, there have been incidents where it generated inaccurate information, hence the need to verify information.Now that we had a good base, it was time to up the ante a bit.But first, those keeping a close eye on ETC may have noticed that its community has not been very active.
Its development has also lagged behind that of Ethereum and other networks.Our next query focused on establishing why the Ethereum Classic network is less popular than Ethereum.It gave the following reasons – – Community Support: After the 2016 DAO hack, the Ethereum community decided to implement a hard fork that created a new blockchain network known as Ethereum, which received support from the majority of the Ethereum community.Ethereum Classic, which remained on the original blockchain, has a smaller community and fewer developers.- Lack of Updates: Ethereum Classic has not received as many updates and improvements as Ethereum.
This has resulted in slower transaction times and less advanced smart contract capabilities.
– Perception of Immutability: Ethereum Classic’s commitment to immutability is a key feature for some users.It can also be seen as a liability by others who prefer the flexibility of a blockchain that can be updated if necessary.- Limited Use Cases: Ethereum has a wider range of use cases and is more widely adopted by businesses and developers.Ethereum Classic has a smaller ecosystem of decentralized applications and is less widely used in commercial applications.
AI generated all the the above points but they are difficult to argue against.In other words, ChatGPT’s answers were spot on – Ethereum Classic’s still has some edge over the competition I was curious to find out what the AI had to say about Ethereum Classic’s advantages over its more popular counterpart.
It responded with the following points – – Immutability: Ethereum Classic has a strong commitment to immutability.Transactions cannot be altered or deleted once recorded on the blockchain.
This makes ETC a reliable and secure platform for storing and transferring digital assets, and may be particularly appealing to users who prioritize security and decentralization over flexibility and upgradability.- Proven Technology: Ethereum Classic is based on the original Ethereum blockchain, which has been operating since 2015.This gives it a longer track record than many other blockchain platforms, and may be appealing to users who value stability and reliability.- No Hard Forks: Since the split from Ethereum in 2016, Ethereum Classic has not undergone any hard forks or major upgrades that could potentially cause network disruptions or create competing blockchain networks.This could make it a more stable and predictable platform for developers and users.So far so good, but the above answers got be thinking about the kind of scenario where Ethereum Classic would achieve mass adoption.These were the brief points that ChatGPT shared – The aforementioned points highlighted some of the key advantages of sticking to a proof of work system with a heavy focus on decentralization.These characteristics would make the network and its native coin more preferable, especially in case of a harsh regulatory crackdown.
Regulators, especially in the U.S, have adopted an aggressive position against cryptocurrencies but not to the extreme, yet.Attempting to circumvent the price analysis brick wall While still thinking about Ethereum Classic’s prospects, I decided to explore whether the AI can have insightful predictions regarding ETC’s prospects.
More specifically, I wanted to know how soon ETC can reach ETH’s $1,900 press time price.Unfortunately, the language-based AI algorithm could only do so much and predictions were the limit.
Here is the answer that it provided – That would have been the end of that attempt, but I recently found out about the DAN (do anything now) jailbreak prompt which unlocks some limitations.Moreover, ChatGPT’s algorithm learns and it can also organize raw data into a more useful format.Thus, an idea was born.What if we could somehow get chatGPT to understand the history of ETC’s price action, including previous price patterns? We could potentially get it to give a more concrete answer regarding price predictions.Or so I thought.Unfortunately, none of the prompts including the jailbreak offered a concrete outcome where the AI could read the price charts and identify price patterns.Back to the basics of technical analysis After having a “fine, I will do it myself” moment, I embarked on assessing ETC’s latest price action.
The cryptocurrency has been on an overall upward trajectory since 11 March.This, after retesting the support line that is part of a megaphone price pattern.However, it also recently retested the pattern’s upper limit where it is already showing signs of resistance.The resistance retest suggested that the price may potentially register a pivot.However, ETC’s money flow indicator revealed that liquidity is still flowing into the cryptocurrency.An extended rally in the next few months may be on the cards, especially now that ETC is still heavily discounted by as much as 88%.Long-term predictions still remain within the realm of uncertainty.
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