solana Its price increased by up to 5.5% in the last 24 hours, reaching a market value of 38.2 billion dollars. The price attracted attention by exceeding the $ 87 level during this period. Although the rise cooled down a bit, the developer team’s announcement of adding a token extension with “SPL” standards to the blockchain was the main factor that triggered the excitement.
As Koinfinans.com reported, while the SOL token struggled with strong resistance around $102 on January 17, it fell to a five-week low ($78.6) approximately six days later. This means an average price drop of 20%.
However, the price quickly broke the negative trend at these levels and stopped the downward trend by recording an increase of over 10% within 24 hours. Traders are also following the trend carefully in order to benefit from this momentum. While the first critical level determined is the daily closing above $ 90, the main target is whether it can reach $ 100 again.
Firedancer, an emerging third-party validator built by Jump Crypto, continues to be developed. This initiative aims to improve Solana’s processing capacity to handle millions of operations per second and support parallel processing, also known as sharding. aims.
It’s interesting to see how reliable Solana has been since the rough patch in 2022, while remaining incredibly performant as usage surged and it dominated competitors in most metrics.
The network will continue to improve, and @jump_firedancer is coming.https://t.co/XMVo2GePuJ pic.twitter.com/QDH2iX0Fgf
NEWS CONTINUES BELOW— R89 (@R89Capital) January 22, 2024
Solana is also trying to gain strength in its dApp arm, increasing its total value locked on the network to $15.3 million in the current month. Although the local token SOL has lost value in the last month, TVL continues to increase in value.
Solana Introduces New Token Extensions
According to the announcement made on January 24, oken extensions offer a number of solutions for advanced token functionality that appeal to developers, financial institutions, enterprises and Solana-specific development teams.
Leading players in the industry are Paxos and GMO-Z.com Trust Company Inc. (GMO Trust) has already adopted token extensions. The Foundation explained that extensions are frequently used to facilitate stablecoins to be issued on the network.