Solana [SOL], a top-10 cryptocurrency by market cap, has seen its fair share of ups and downs over the last 6 months. But with the shift from bearish to bullish sentiment that resulted from Bitcoin climbing past $17k in January, SOL got a quick boost with its 175% gains in 21 days. Even though bulls were not able to break the resistance at $26-$28, many investors still believe that it could become an Ethereum killer once more.
The biggest dent in Solana’s reputation came in November 2021, when the SEC charged Sam Bankman-Fried, the CEO of FTX, with defrauding investors. This caused a price drop of 79.4%. However, a fun meme coin was pushed into the ecosystem in December, which was attributed to a turning around of the transaction count in early January.
Talking about the future, ChatGPT 4.0, a powerful tool for learning, was used with relevant data points – fed with on-chain data as well as price action in recent months. It predicted that SOL could reach $75.5 in the most bullish scenario of 2023. It also said that Solana will surely outshine Ethereum in the near future.
However, the network has faced adverse outages in recent months which may shook investor’s confidence, thus putting the price down. At the time of writing, it was trading at $22.07, down more than 2% over the past 24 hours.
It is interesting to note, despite all the setbacks, SOL has seen development on multiple fronts including the NFT market, the Solana Saga, and partnerships which has kept the token’s value intact.
About Solana:
Solana is a high-speed, middleware layer blockchain designed to offer both scalability and decentralization to its users. It can process over 50,000 transactions per second, which is significantly faster than that of Ethereum. It is designed to provide users with the ability to build decentralized applications (dApps) and to tokenize any asset without any compromises. Solana has been backed by prominent venture capital firms including Multicoin Capital, Polychain Capital, and CoinFund.
About Sam Bankman-Fried:
Sam Bankman-Fried is the CEO and founder of FTX, one of the largest crypto exchanges, and of Alameda Research, a quantitative trading firm. Another venture of his is the non-profit financial services organization, AIDS United. He has received favorable coverage in the past and has been seen as a credible and smart investor and entrepreneur.
