Solana is garnering the bullish steam witnessed as the crypto industry bounces into the green zone to rally 9% in the past 24 hours. At press time 12:58 UTC, Solana is riding on the uptrend to exchange hands at $22.91, with its trading volume increased by 20% to realize $417.512 million, as illustrated by Coinmarket data.
Solana Market Outlook
A detailed scrutiny of the market activity shows Solana is 7.74% down in a 7-day run. Nonetheless, today’s rally is yielding an $8.993 billion valuation for the 390 million SOL in circulation today, as illustrated by CoinGecko data.
Further assessment of Solana shows that the SOL native tokens associated with the Layer-1 blockchain are popular among centralized crypto exchanges. In particular, $417.229 million of today’s trade volume occurred within the centralized exchanges, while decentralized platforms only account for a meagre $282,211.
A detailed analysis of Solana market activities shows the SOL token is popular within the Gate-io. The platform’s active trading pair involves the SOL/USDTinvolved in $3.35 million in the past day. Binance and Coinbase exchanges are also popular.
Solana Performance Relative to Peers and Crypto Industry
While Solana is leading the crypto industry rally, its price is 91.2% below the all-time high of $259.96 realized on Nove 6, 2021. Nevertheless, CoinGecko data shows that the price is 4469% higher than the exchange rate realized three years ago when exchanging at $0.500801 on May 11, 2020.
A comparative assessment of Solana’s performance to its peers indicates that the token is still battling a 7.9% decline in the past week. Such portrays its underperforming relative to the global crypto market, which has enjoyed a 1% increment in the past seven days. Still, Solana is trailing Layer 1 cryptos that are still locked to a 3.3% decline.
Solana rally is linked with the crypto market uptrend triggered by fears of a fresh banking crisis, as the US First Republic Bank admitted as struggling with declining deposits in its quarterly report. Beyond this, Solana is realizing notable gains desired to propel it further in the crypto market.
Solana Integrating AI Chatbot
Recently, Solana announced the integration of the artificial intelligence (AI) chatbot designed to facilitate the collection of blockchain data. The layer one blockchain targets leveraging AI capabilities to track wallet balances, transfer tokens, and acquisition of NFTs.
The open-source plugin is set to facilitate Solana users with reinforced capabilities to interact with the entire network by leveraging the OpenAI’s AI chatbot – ChatGPT. Confirming the integration, Solana Labs, in a tweet dated April 25, indicated the plugin is to become useful once OpenAI avails them.
Meanwhile, Solana Labs welcomes developers to assess open-source code use in retrieving on-chain data they seek interest in. Solana Labs’s screenshot illustrates that ChatGPT can retrieve NFTs portfolios under a single address.
Solana Labs indicates that the retrieval will share the attached metadata link to the NFTs portfolio. The plugin would source the data from the block explorer. Nevertheless, Solana Labs failed to indicate whether the unveiling of the plugin would coincide with OpenAI availing the feature.
The ChatGPT plugin is set to facilitate informational retrieval from online-based sources. It is set to foster interactions with third-party-owned platforms, particularly in processing commands queried by users.
Solana Labs Commits $1 Million Fund to AI Projects
OpenAI is set to roll out the program to all interested users. Nonetheless, the quick adoption of the ChatGPT-4 model is raising concerns about the emergence of the development of superior AIs. Beyond the demand placed by the Elon Musk team seeking a six-month pause for such a release, members of the Solana community are opposed to the plugin.
The astonished community member prefers Solana to prioritize working on the block explorer. A second community member sought clarification on the plugin’s benefit to the Solana ecosystem.
Solana seems undeterred by the opposition by allocating $1 million to fund the projects building AI tools on the Solana blockchain.
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