is it possible to make something like this in after effects

You can get pretty close if you have Trapcode 3D Stroke and Boris FX Saphire. This took about a minute and is mostly the default settings:

There are a bunch of approaches, but nothing in the standard set of included effects will come very close without a bunch of combining.

You can explore Saphire here. It's one of my favorite stylize and simulation effects bundles.

For a static object you could of course kind of "draw" it with tons of layers, effects and masks, but if it needs to be animated, it will turn into a nightmare. And in the particular case even doing it in a 3D program would have challenges due to the complex refraction, reflection and diffraction producing those rainbow colors.

Mylenium