|

Solana price could recover from slump as SOL introduces new functionality for business needs

  • Solana introduced token extensions, a functionality that will help developers build a customized experience. 
  • Solana’s new functionality is designed for businesses to adopt the SOL blockchain. 
  • SOL price could recover from its 14% weekly decline. 

The Solana blockchain added a new functionality to serve businesses looking for Real World Asset tokenization. With token extensions, developers will be able to build customized token experiences for businesses, drawing more users to the SOL blockchain and likely driving Solana’s adoption higher. 

Solana price has been in a slump with nearly 14% weekly decline. At the time of writing, Solana price is $88.28. 

Also read: Bitcoin price could comeback above $40,000 as traders decide where BTC is headed next

Solana unveils token extensions to aid businesses in real world asset tokenization

Solana’s latest functionality can help developers gate token transfers by digital assets like NFTs or loyalty cards. This would make it easier for businesses to update tokens tied to Real World Assets.

Solana dropped the details of token extensions in a recent tweet, labeling it “ready-to-use” and advanced. This functionality can be considered a secure tool for digital and real world assets that seek the high-throughput low cost features of the SOL blockchain. While public blockchains make it difficult to control access to digital assets, SOL’s latest functionality helps businesses gate access to their assets through customizable token extensions. 

Solana mentions that key use cases for its functionality are building better stablecoins, leveling up gaming assets, governance for Real World Asset issuance, among others. The functionality has been audited and the protocol has invited businesses to utilize the blockchain for their RWAs. 

SOL yielded nearly 14% losses to holders in the past week. The developments lined up for 2024 could catalyze a recovery in Solana, when the market wide correction grinds to a halt.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

XRP grinds lower despite Ripple securing final OCC approval for National Trust Bank

Ripple is rising above $1.30 on Tuesday, while still largely constrained by technical hurdles. The token is down roughly 16% from its October high of $1.56, and 21% from the September peak of $1.66, reflecting weeks of persistent headwinds and risk-off sentiment.

Crypto Today: Bitcoin, Ethereum and XRP on edge as sell-side pressure intensifies

Cryptocurrency prices are broadly correcting on Tuesday, led by Bitcoin edging lower below the pivotal $80,000 level. Ethereum mirrors Bitcoin’s neutral-to-bearish outlook, while Ripple hovers around $1.30.

Top Altcoins Price Forecast: Ripple, Cardano, Solana extend losses amid persistent selling pressure

Top altcoins, including Ripple, Cardano, and Solana, face intense selling pressure, extending losses from the previous week. XRP tests the $1.2941 support floor, while ADA risks deeper losses and SOL struggles near the $100 mark.

Bitcoin consolidates below $80,000 as Middle East tensions, tech earnings loom

Bitcoin trades below $80,000 on Tuesday, failing to close above the 50-day EMA near $80,765 the previous day. Spot BTC ETFs recorded modest inflows of $110.34 million on Monday, while Strategy made no BTC purchases last week and Strive added 6,182 BTC.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.