I did not fully understand how you want the transparency to depend on the value, so I will give a general answer, where you can substitute the transparency function for your own.
While you can specify transparency for line colors, this appears to not be possible when using palette, which would be the most straightforward way to achieve what you want. The furthest you can go with only using gnuplot is to make the colors appear transparent, as in the following script, where in.data is a file with your sample data.
#!/usr/bin/env gnuplot
set term pngcairo
in_data = "in.data"
set out "out.png"
# function to combine color and alpha channels with white background
# 0: no transparency, 1: fully transparent
make_transparent(x1, t) = (1-t)*x1 + t
# a function to decide transparency
# the input and output must be in range of [0,1]
#get_transparency(x1) = 0 # no transparency
#get_transparency(x1) = 1 # fully transparent
get_transparency(x1) = 1 - x1 # smaller values are more transparent
# convenience function to truncate values
minval(x1, x2) = x1<x2?x1:x2
maxval(x1, x2) = x1>x2?x1:x2
truncval(x1, xmin, xmax) = maxval(minval(x1, xmax), xmin)
trunc(x1) = truncval(x1, 0, 1)
# the default palette consists of rgbfunctions 7,5,15
# we redefine their transparency enabled versions here
# the input and output must be in range of [0,1]
# see other formulae with "show palette rgbformulae" command in gnuplot
f7(x1) = make_transparent(sqrt(x1) , get_transparency(x1))
f5(x1) = make_transparent(x1**3 , get_transparency(x1))
f15(x1) = make_transparent(trunc(sin(2*pi*x1)), get_transparency(x1))
set palette model RGB functions f7(gray),f5(gray),f15(gray)
splot in_data palette
This script assumes that the background is white, but can be adapted to any other solid background. It falls apart once the points start overlapping however.
To get real transparency, you would need to plot each data point as a separate line and give it a distinct line color. This could be achieved by pre-processing the data, as in the following bash script.
#!/usr/bin/env bash
set -eu
in_data="in.data"
out_png="out.png"
pi=3.141592653589793
# function to convert data value into rgba value
function value2rgba()
{
# arguments to function
local val="${1}"
local min="${2}"
local max="${3}"
# normalized value
local nval=$( bc -l <<< "(${val}-${min})/(${max}-${min})" )
#### alpha channel value ####
local alpha="$( bc -l <<< "255 * (1-${nval})" )"
# round to decimal
alpha=$( printf "%0.f" "${alpha}" )
#### red channel value ####
# rgbformulae 7 in gnuplot
local red="$( bc -l <<< "255 * sqrt(${nval})" )"
# round to decimal
red=$( printf "%0.f" "${red}" )
#### green channel value ####
# rgbformulae 5 in gnuplot
local red="$( bc -l <<< "255 * sqrt(${nval})" )"
local green="$( bc -l <<< "255 * ${nval}^3" )"
# round to decimal
green=$( printf "%0.f" "${green}" )
#### blue channel value ####
# rgbformulae 15 in gnuplot
local blue="$( bc -l <<< "255 * s(2*${pi}*${nval})" )"
# round to decimal
blue=$( printf "%0.f" "${blue}" )
# make sure blue is positive
if (( blue < 0 ))
then
blue=0
fi
### whole rgba value
local rgba="#"
rgba+="$( printf "%02x" "${alpha}" )"
rgba+="$( printf "%02x" "${red}" )"
rgba+="$( printf "%02x" "${green}" )"
rgba+="$( printf "%02x" "${blue}" )"
echo "${rgba}"
}
# data without blank lines
data="$( sed -E "/^[[:space:]]*$/d" "${in_data}" )"
# number of lines
nline=$( wc -l <<< "${data}" )
# get the minimum and maximum value of the 4-th column
min_max=( $( awk '{ print $4 }' <<< "${data}" | sort -g | sed -n '1p;$p' ) )
# array of colors for each point
colors=()
while read -r line
do
colors+=( $( value2rgba "${line}" "${min_max[@]}" ) )
done < <( awk '{ print $4 }' <<< "${data}" )
# gather coordinates into one row
coords=( $( awk '{ print $1,$2,$3 }' <<< "${data}" ) )
gnuplot << EOF
set term pngcairo
set out "${out_png}"
\$DATA << EOD
${coords[@]}
EOD
nline=${nline}
colors="${colors[@]}"
unset key
splot for [i=0:nline-1] \$DATA \
u (column(3*i+1)):(column(3*i+2)):(column(3*i+3)) \
pt 1 lc rgb word(colors, i+1)
EOF
These scripts were tested with gnuplot 5.