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We Asked ChatGPT if Solana (SOL) Can Become the Biggest Altcoin in 2024

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TL;DR

  • Solana’s SOL token has shown impressive performance this year, with significant growth in price and market capitalization, making it one of the top digital currencies in the market.
  • Future growth potential for SOL hinges on factors like technology adoption, overcoming past network issues, regulatory developments, and potential strategic partnerships, which could enhance its market value and utility.
  • Despite its progress, SOL’s market cap is still behind major players like Ethereum, but it has surpassed them in certain metrics like trading volume and NFT sales volume in recent times.

Can Solana (SOL) Progress Even More Next Year?

Solana’s native token – SOL – has been a top performer this year, with its price reaching almost $125 earlier this week. The token has skyrocketed by over 1,000% since January 1, while its market capitalization briefly surpassed the $50 billion mark and is currently standing at around $48 billion (per CoinGecko’s data).

This uptrend has made SOL the fourth-largest digital currency in the entire market, outpacing Binance Coin (BNB) and Ripple (XRP).

In the following lines we will take a deeper dive and check whether the asset’s progress could continue next year with SOL becoming the biggest alternative coin in the realm. 

According to ChatGPT, such a scenario is not out of the cards but hinges on on multiple elements. One major factor is the possible adoption of the asset’s technology and network. Solana is known for its low costs and fast transaction speed, which makes it a preferred ecosystem for decentralized applications. 

The AI-powered chatbot also estimated that SOL’s future success depends on coping with some issues that have caused reputational damage to the blockchain protocol in the past. Recall that Solana has experienced numerous network outages in the last few years.

Regulatory development was also outlined as a vital factor. According to ChatGPT, the implementation of favorable rules in the crypto industry could have a positive impact on SOL.

Last but not least, the chatbot pointed out possible partnerships that the blockchain entity might strike up with prominent organizations. Such strategic collaborations could enhance SOL’s utility and adoption, potentially boosting its market value.

Despite its rapid recent progress, SOL’s market capitalization is still far from Ethereum’s (almost $270 billion) and the one of USDT ($91 billion), meaning it has a long way to go before being throned as the largest altcoin.

Solana has Already Surpassed Ethereum in These Metrics

It is worth noting that Solana has performed better than its rival for the top – Ethereum – in some aspects. According to DefiLlama, trading volume on Solana has surged above $1.3 billion in the past few days. For the most part of the month, Ethereum was lagging behind.

SOL Trading Volume
SOL Trading Volume, Source: DefiLlama

Solana has also performed quite well in the non-fungible token space, registering an NFT sales volume of over $88 million in the last week. Ethereum has fallen behind with approximately $74 million for the same period.

What is more, Solana flipped Ethereum in terms of search volumes on Google, which is a testament to the growing interest in the cryptocurrency.

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4 ‘Rich Dad Poor Dad’ Quotes for Bitcoin Investors in 2025

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In an Apr. 20 post on X, Kiyosaki wrote, “BITCOIN is $84k today. Strongly believe Bitcoin will reach $180k to $200k in 2025.” Five days later, BTC was trading above $93,600.

Earlier, on Apr. 18, the “Rich Dad, Poor Dad” author predicted that Bitcoin’s price will eventually skyrocket to $1 million. His related price predictions spelled doom for the dollar’s buying power:

“I strongly believe, by 2035, that one Bitcoin will be over $ 1 million dollars. Gold will be $30k and silver $3,000 a coin.”

“People who heeded my warnings are doing well today. I am concerned for those who did not,” wrote Kiyosaki in the long-form X update. He warned, “This coming Great Depression will cause millions to be poor… and a few who take action may enjoy great wealth and freedom.”

Dire Economic Straits and Enterprising Bitcoin Investors

Kiyosaki isn’t a contrarian voice to warn of a difficult economic downturn ahead. Federal Reserve Chair Jerome Powell warned in April that the US could soon be mired in a stagflationary period of low growth and rising prices.

Kiyosaki is also not the only financial expert who has predicted that Bitcoin’s price will reach $1 million.

In fact, his timeframe for it is conservative compared to Twitter founder Jack Dorsey’s, who predicted a $1 million BTC price by 2030 in May last year.

But, Kiyosaki is firmly in the high-conviction column for Bitcoin’s potential upside prices five and ten years from now. Here’s how some of his classic investment advice applies to BTC.

1. Kiyosaki on Income vs. Wealth

“The rich focus on their asset columns while everyone else focuses on their income statements.”

In his New York Times bestseller on personal finances and building wealth, Kiyosaki makes an important distinction between wealth and income. He points out that income takes most of your time and effort to sustain, but that wealth sustains your income automatically.

This means even high-income individuals can struggle under equally big spending routines and borrow money at substantial interest rates to maintain a certain way of living.

Thus, not long ago, PYMNTS and the Lending Club found in a survey that about 50% of Americans with six-figure incomes may be living paycheck to paycheck.

In April, the Philadelphia Federal Reserve said that late credit card payments and minimum payments are at the highest level since 2012.

Individuals and households with these spending routines are swimming in the opposite direction of the macro financial currents of the past ten years, as the voracious Bitcoin hoarders.

Managing finances this way is bargaining a harder tomorrow for an easier today. But the way frugal and thrifty saver/investors budget is bargaining a harder today for an easier tomorrow.

2. ‘Rich Dad, Poor Dad’ on Investing

“You must know the difference between an asset and a liability and buy assets. An asset puts money in your pocket. A liability takes money out of your pocket.”

Kiyosaki also discerns between assets and liabilities in an individual or household’s financial balance book. In his opinion, houses should not be considered assets because they cost money to maintain and finance.

During the US housing market boom that preceded the 2008 financial crisis and the great recession, conventional financial wisdom said to buy a house because its value would continue going up forever.

But starting in 2007, a mass wave of defaults and foreclosures crashed house prices. Bitcoin launched soon after that to create a space in the financial ecosystem based on settlement instead of lending.

Instead of paying future obligations to consume more today, as with housing loans, Bitcoin is like collecting future rewards by consuming more efficiently today and buying BTC with the savings.

If it continues to appreciate in value due to its scarcity and global popular demand, it will remain an asset rather than a liability like a mortgage, credit card balance, or college loan.

3. Bitcoin and Financial Literacy

“Illiteracy, both in words and numbers, is the foundation of financial struggle.”

Another key point of Kiyosaki’s message in “Rich Dad, Poor Dad” was that families, schools, and the government have mostly failed to educate Americans about the basics of finance and investing.

He says that many people don’t really understand the disadvantages of borrowing money and paying interest instead of saving money and collecting returns on investments.

That kind of bad financial math doesn’t just keep many Americans out of investing in Bitcoin and cryptocurrencies. It keeps them from saving any money using any method.

Last December, a Schroders US retirement survey found that half of Gen Xers, Americans aged 44 to 59, have not done any retirement planning at all.

In the cryptocurrency social media community, users like to post, “Do your own research.” Bitcoin aficionados especially like to post, “Do the math.”

One benefit of learning about investing and doing financial math is that it can help to counteract the often more convincing pull of immediate gratification and result in healthier financial behavior.

4. Household Finance, Consumer Debt, and Bitcoin

“A person can be highly educated, professionally successful, and financially illiterate. Many financial problems are caused by trying to keep up with the Joneses.”

In fact, the main thrust of Kiyosaki’s book is that he found it remarkable in the course of his life’s experiences, how blatantly neglected financial and investment thinking is among even people of high intelligence, career success, and social status.

The basics of accounting, budgeting, investing, and tax law are not learned or practiced by a shocking swath of the populace, he contends, despite the importance of these modalities to beneficial outcomes that people desire.

If most people cannot be bothered to devote two to three hours a week to learning and eventually mastering these reliably rewarding and basic areas of competency, then it’s no mystery why Bitcoin remains inaccessible to many because it sits well enough beyond their threshold for healthy curiosity.

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Bitcoin Price Analysis: BTC Faces Major Resistance Ahead of ATH Challenge

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Bitcoin has signaled notable bullish strength by breaking above both the 100 and 200-day moving averages at $90K. However, as the price approaches the critical $100K psychological threshold, a temporary consolidation phase is expected before any further breakout.

Technical Analysis

By Shayan

The Daily Chart

Bitcoin has recently notched a strong bullish signal, staging a major market shift driven by substantial buying pressure. This rally has propelled the price above a critical resistance zone, reclaiming both the 100 and 200-day moving averages at $90K — a key indication of buyers’ dominance.

Currently, BTC is approaching the psychological $100K threshold, a major resistance likely filled with significant supply. As a result, a temporary consolidation around this level is expected before any potential breakout occurs. A decisive move above $100K would likely pave the way toward retesting the all-time high (ATH).

The 4-Hour Chart

On the lower timeframe, Bitcoin confirmed its bullish momentum after breaking above the descending channel’s upper boundary at $84K. This breakout triggered an impulsive surge, pushing the price past the critical $90K resistance level, highlighting strong buyer commitment.

Now, the asset is nearing the crucial $100K psychological resistance, which also aligns with a major previous swing high. If buyers succeed in breaching this barrier, the road to Bitcoin’s ATH could reopen. Conversely, failure to break above may lead to a short-term consolidation below $100K before the next significant move.

On-chain Analysis

By Shayan

After Bitcoin completed its corrections and initiated recoveries in October 2023 and September 2024, Binance Futures funding rates notably turned deeply negative during the early stages of each rally. This recurring pattern highlights a persistent lack of investor confidence during sharp declines or prolonged consolidations.

In contrast, during strong Bitcoin rallies, FOMO-driven traders aggressively deployed leverage to open long positions, causing funding rates to spike sharply. This often signaled overheated conditions and triggered subsequent corrective pullbacks.

Currently, Bitcoin has surged more than 28% off its recent low. Following this rally, the funding rates have, with a delay, experienced a significant upward shift, signaling a renewed influx of leveraged long positioning.

Considering the historical behavior during the previous two major recoveries, current sentiment dynamics, and price structure strongly suggest that Bitcoin is well-positioned to break through its previous all-time highs in the near term.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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North American Corporations Are Wolfing Down Solana

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Touted as a potential Ethereum killer on its way up in the 2020-24 market cycle, Solana would still have a way to go to flip Ether’s market cap. Regardless, it has gone a long way in that direction as SOL boosters promised.

Over the last year, Bitcoin has outpaced Solana gains as SOL is going through a consolidation period. But over the past five years, SOL delivered over 10,000% ROI to BTC’s 1,100% returns on investment, according to data compiled by TradingView.

In one very bullish sign for both the long term digital currency accumulator and the near term altcoin trader, a pack of corporations is hogging up Solana the way Saylor’s Strategy has been having at Bitcoin.

3 US-Canadian Companies Go Full Saylor on Solana

1. Janover’s Still At It With A Fresh $11.5M SOL Tranche

The Nasdaq-traded real estate finance platform has former Kraken execs at the helm now, hired on to make a big play in Solana. They added $11.5 million more SOL to their corporate treasury over the past week.

2. Canadian SOL Strategies $500M Bite of Solana

Meanwhile, another company in Canada just made a whopping half-billion-dollar play for Solana. Based on its name, the OTCMKTS-listed corporation seems purpose-built to pile up SOL tokens.

SOL Strategies, Inc. just issued $500 billion in stock-convertible bonds like Strategy does for Bitcoin, all sold to New York-based ATW Partners, in order to stake the tokens for reward-mining validator nodes.

3. NASDAQ Listed Upexi Raises $100M for SOL Spree

In addition to these two corporate blockchain adopters, the Nasdaq-traded consumer brand developer Upexi just raised an astounding $100 million, with plans to use 90% of it to buy SOL. Upexi stocks soared 630% lately. Arthur Hayes was a major backer of the contract.

Big Solana Network Roadmap Milestones in April

4. Solana IoT Network Helium Expanding Like a Balloon

Meanwhile, the Helium network is moving right along, developing its Solana-powered Internet of Things ecosystem.

According to a recent report, Helium hit new all-time highs in April for “DAO voting participation, $MOBILE validator onboarding and usage-based rewards.”

Its $20/month unlimited mobile plan is now available in 3,000 Walmart stores. That shows how developers are building marketable real-world businesses using Solana.

5. Solana Foundation Huge Tweak to Secure Network Distribution

Finally, it may seem like a small note, but the Web3 sector specializes in managing operational security and risk on open networks. The core groups that made Bitcoin, Ethereum, and Solana the successes they are today consider matters like this when trading.

Moving forward, Solana has adjusted its onboarding and off-boarding process to raise more external stake and further decentralize the network’s validator nodes.

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