Solana Foundation Launches Token Extensions
On January 24, 2024, the Solana Foundation introduced a significant upgrade for the SPL token standard with the launch of token extensions.
Despite this noteworthy development, the Solana token did not experience substantial gains in the last 24 hours.
Solana’s Decent Gain Amidst Recent Development
The latest version of the Solana token program was collaboratively developed with established, regulated institutions. It features a standardized interface for seamless integration with Solana applications, facilitating the development of specialized tools and functions at the token level.
Amidst positive developments within the Solana Network and considering the performance of other cryptocurrencies across the digital asset landscape,
Solana’s Struggle for Momentum
Despite positive developments, Solana’s SOL is currently struggling to gain momentum, trading near $88. In the last 24 hours, it experienced over 1.7% upside momentum. Over the last 7 trading days, it faced over 11% downside momentum, and in the last 30 trading days, it witnessed over 24% downside momentum.
Solana’s Technical Analysis and Price Momentum
Expert technical analysis indicates that Solana’s SOL is at a crucial level. On the daily time frame, Solana appears bullish, while on the 4-hour time frame, it exhibits bearish signals.
On the 4-hour time frame, SOL forms a lower high and lower low, reflecting a bearish movement similar to Bitcoin’s price. Technical indicators also signal bearishness, including the formation of a bearish golden crossover, suggesting a potential retreat to the $80 level in the future.
On the daily time frame, SOL presents a bullish sign, finding support at the crucial level of $77. It has formed a morning star candlestick pattern on a major support level, reinforcing its bullish stance. Despite these indicators, a bullish price action pattern in the form of a flag and pole structure is also observed.
Downside Momentum for Solana-Based Token BONK
Meanwhile, the Solana-based token BONK, along with other cryptocurrencies and meme-coins, has experienced a downside momentum of over 2%, currently trading near $0.0000106. Over the last 30 trading days, BONK has witnessed a substantial drop of over 44%.
