{"id":571373,"date":"2024-01-25T09:15:20","date_gmt":"2024-01-25T09:15:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=571373"},"modified":"2024-01-25T08:45:47","modified_gmt":"2024-01-25T08:45:47","slug":"solana-price-soars-by-11-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-price-soars-by-11-heres-why\/","title":{"rendered":"Solana Price Soars By 11% – Here’s Why"},"content":{"rendered":"

The Solana (SOL) price has witnessed an 11% increase, rebounding to $89.21, following a local low of $78 yesterday. This surge comes amidst a broader market recalibration and can be largely attributed to an announcement from the Solana Foundation. The foundation unveiled a new tokenization feature, stirring significant interest within the crypto community and prompting a bullish market response.<\/p>\n

Why The Feature Is So Important<\/h2>\n

Tokenization, a concept heralded<\/a> by BlackRock CEO Larry Fink as the future of digital markets, is poised to revolutionize the financial and securities landscape. In recent interviews, Fink emphasized the significance of this advancement, stating, “Tokens represent the next frontier in the evolution of digital assets and markets, offering unprecedented opportunities for innovation and streamlined payments.”<\/p>\n

Embracing this visionary perspective, the Solana Foundation unveiled<\/a> via X (formerly Twitter), “The future of tokenization is now: Introducing token extensions, ready-to-use advanced token functionality on Solana.”<\/p>\n

\n

1\/ The future of tokenization is now: Introducing token extensions, ready-to-use advanced token functionality on Solana.https:\/\/t.co\/zNw9qWgvjA<\/a><\/p>\n

Token extensions empower developers to rapidly build customized token experiences & designed to meet business compliance needs.\ud83e\uddf5 pic.twitter.com\/dHkKoNS28X<\/a><\/p>\n

\u2014 Solana (@solana) January 24, 2024<\/a><\/p><\/blockquote>\n

These token extensions are designed to provide developers with the tools to craft bespoke token experiences, ensuring compliance with business needs while leveraging Solana’s high throughput and cost-effective blockchain infrastructure. The announcement further elaborated, “Token extensions open up new possibilities for businesses and developers, enabling functionalities that were previously inconceivable on public blockchains.”<\/p>\n

Related Reading: Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally<\/a><\/div>\n

Crypto analyst @0xjaypeg elucidated<\/a> the strategic importance of Solana’s latest move, emphasizing, “Solana is coming for enterprise with token extensions.\u201d He praised Solana’s strategic approach, noting, \u201cIt’s clear they are pushing their advantages hard to carve out a niche and moat that other blockchains can’t compete with as effectively.\u201d<\/p>\n

He added, \u201cThe last piece here is to get a well known enterprise user (such as Shopify) to adopt token extensions and make it crystal clear how much $ they save – Solana txns are much cheaper than merchant credit card fees.\u201d<\/p>\n

SOL Price Analysis: Bears Still In Control<\/h2>\n

The 4-hour chart of SOL\/USDT indicates that the price has rebounded from a low of $78.02, which serves as the immediate support level. The Fibonacci retracement levels, drawn from a swing high of $125.88 to the swing low, suggest potential resistance levels.<\/p>\n

\"Solana
SOL rejected at key resistance, 1-day chart | Source: SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Notably, SOL’s price got rejected at the 0.236 Fibonacci level at $89.31 – the single most important level for the bulls at the moment. Only if the Solana price reclaims this price level, there\u2019s hope that the bulls<\/a> can print a new higher high.<\/p>\n

A closer examination of the Exponential Moving Averages (EMA) reveals that SOL’s price has currently found support at the 20 EMA. The 50, 100, and 200 EMAs are positioned above the current price, indicating that SOL is still in a broader downtrend despite the recent rally. A sustained move above these EMAs could hint at a potential trend reversal.<\/p>\n

Related Reading: Solana Dominates Ethereum, Bitcoin In NFT, Activity: What\u2019s Next For SOL?<\/a><\/div>\n

Volume analysis shows that the recent price increase was accompanied by substantial trading activity, which may validate the strength of the move. Furthermore, the Relative Strength Index (RSI), a momentum oscillator, is hovering near the 50 level, which typically represents a balance between buyers and sellers. A push above this midpoint could suggest increasing bullish momentum.<\/p>\n

Technical traders will be monitoring the $101.95 level, which corresponds to the 0.5 Fibonacci retracement level, as the most crucial resistance in the mid-term. If SOL recaptures this level, it would create a higher high, a strong bullish sign.<\/p>\n

The subsequent levels to watch are $107.59 (0.618 Fibonacci level) and $115.63 (0.786 Fibonacci level). A failure to maintain the current momentum could see SOL retracing towards the aforementioned support at $78.02 again.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Solana (SOL) price has witnessed an 11% increase, rebounding to $89.21, following a local low of $78 yesterday. This surge comes amidst a broader market recalibration and can be largely attributed to an announcement from the Solana Foundation. The foundation unveiled a new tokenization feature, stirring significant interest within the crypto community and prompting a bullish market response. Why The Feature Is So Important Tokenization, a concept heralded by BlackRock CEO Larry Fink as the future of digital markets, is poised to revolutionize the financial and securities landscape. In recent interviews, Fink emphasized the significance of this advancement, stating, “Tokens represent the next frontier in the evolution of digital assets and markets, offering unprecedented opportunities for innovation and streamlined payments.” Embracing this visionary perspective, the Solana Foundation unveiled via X (formerly Twitter), “The future of tokenization is now: Introducing token extensions, ready-to-use advanced token functionality on Solana.” 1\/ The future of tokenization is now: Introducing token extensions, ready-to-use advanced token functionality on Solana.https:\/\/t.co\/zNw9qWgvjA Token extensions empower developers to rapidly build customized token experiences & designed to meet business compliance needs.\ud83e\uddf5 pic.twitter.com\/dHkKoNS28X \u2014 Solana (@solana) January 24, 2024 These token extensions are designed to provide developers with the tools to craft bespoke token experiences, ensuring compliance with business needs while leveraging Solana’s high throughput and cost-effective blockchain infrastructure. The announcement further elaborated, “Token extensions open up new possibilities for businesses and developers, enabling functionalities that were previously inconceivable on public blockchains.” Related Reading: Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally Crypto analyst @0xjaypeg elucidated the strategic importance of Solana’s latest move, emphasizing, “Solana is coming for enterprise with token extensions.\u201d He praised Solana’s strategic approach, noting, \u201cIt’s clear they are pushing their advantages hard to carve out a niche and moat that other blockchains can’t compete with as effectively.\u201d He added, \u201cThe last piece here is to get a well known enterprise user (such as Shopify) to adopt token extensions and make it crystal clear how much $ they save – Solana txns are much cheaper than merchant credit card fees.\u201d SOL Price Analysis: Bears Still In Control The 4-hour chart of SOL\/USDT indicates that the price has rebounded from a low of $78.02, which serves as the immediate support level. The Fibonacci retracement levels, drawn from a swing high of $125.88 to the swing low, suggest potential resistance levels. Notably, SOL’s price got rejected at the 0.236 Fibonacci level at $89.31 – the single most important level for the bulls at the moment. Only if the Solana price reclaims this price level, there\u2019s hope that the bulls can print a new higher high. A closer examination of the Exponential Moving Averages (EMA) reveals that SOL’s price has currently found support at the 20 EMA. The 50, 100, and 200 EMAs are positioned above the current price, indicating that SOL is still in a broader downtrend despite the recent rally. A sustained move above these EMAs could hint at a potential trend reversal. Related Reading: Solana Dominates Ethereum, Bitcoin In NFT, Activity: What\u2019s Next For SOL? Volume analysis shows that the recent price increase was accompanied by substantial trading activity, which may validate the strength of the move. Furthermore, the Relative Strength Index (RSI), a momentum oscillator, is hovering near the 50 level, which typically represents a balance between buyers and sellers. A push above this midpoint could suggest increasing bullish momentum. Technical traders will be monitoring the $101.95 level, which corresponds to the 0.5 Fibonacci retracement level, as the most crucial resistance in the mid-term. If SOL recaptures this level, it would create a higher high, a strong bullish sign. The subsequent levels to watch are $107.59 (0.618 Fibonacci level) and $115.63 (0.786 Fibonacci level). A failure to maintain the current momentum could see SOL retracing towards the aforementioned support at $78.02 again. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":564518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,86420,83626,89405,85361,86410],"class_list":["post-571373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-sol-price","tag-solana","tag-solana-news","tag-solana-price","tag-solusd"],"acf":[],"yoast_head":"\nSolana Price Soars By 11% - Here's Why<\/title>\n<meta name=\"description\" content=\"The Solana (SOL) price has witnessed an 11% increase, rebounding to $89.21, following a local low of $78 yesterday. 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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