Solana (SOL) is gearing up to close out 2023 with an impressive performance, showing significant growth in price and market value. As one of the best-performing altcoins of the year, SOL’s future growth potential will continue to be directly linked to factors such as technology adoption, overcoming past network issues, regulatory developments, and potential strategic partnerships that could increase its market value and utility. Nevertheless, investors are curious about how SOL will perform in 2024. The future performance of the trending altcoin for the next year was asked to the viral artificial intelligence chatbot ChatGPT, and the AI highlighted four important factors.
What Will Solana (SOL) Look Like Next Year?
The native asset of the Solana network, SOL, became the best-performing altcoin of the year earlier this week, nearly reaching $125. This trending altcoin has shown an increase of over a thousand percent since January 1, briefly pushing its market value over $50 billion. Since then, SOL’s market value has seen some decline and is currently around $48 billion.
According to the viral artificial intelligence chatbot ChatGPT, the price trajectory of Solana’s SOL in 2024 will change depending on multiple factors rather than a single one. However, ChatGPT pointed out that one of the most important factors affecting the price is the adoption of the altcoin’s technology and network. Solana is known for its low costs and high transaction speeds, making it a preferred ecosystem for decentralized applications (dApps).
The AI-powered chatbot also added that SOL’s future success depends on overcoming some issues that have previously caused reputational damage to the Blockchain network. It is known that the Solana network has been in the news for numerous network outages over the past few years.
On the other hand, ChatGPT highlighted that developments on the regulatory side are also a vital factor for SOL. Accordingly, the implementation of appropriate regulations in the cryptocurrency industry could have a positive effect on SOL. Lastly, ChatGPT drew attention to potential collaborations that the Blockchain organization behind Solana, the Solana Foundation, could have with leading organizations. Such strategic partnerships could potentially increase SOL’s usage and adoption, thereby potentially raising its market value.
Despite its rapid progress in recent times, SOL’s market value is still far behind Ethereum’s (ETH) (nearly $270 billion) and Tether’s (USDT) ($91 billion). This means that there is still a long way to go before it stands out in the altcoin market as the biggest altcoin.
Solana Has Already Surpassed Ethereum in These Metrics
In addition to all this, it should be noted that Solana has outperformed its top rival Ethereum in some respects. According to DefiLlama, Solana network’s transaction volume has exceeded $1.3 billion in the last few days, outpacing Ethereum’s transaction volume for most of the month.
Solana also performed quite well in the NFT market, reaching over $88 million in NFT sales volume last week. Ethereum, on the other hand, reached about $74 million in NFT sales volume during the same period. Moreover, Solana has managed to surpass Ethereum in search volumes on the search engine giant Google. This success is an important indicator of the increasing interest in the altcoin.
