Solana SOL/USD introduced token extensions, empowering developers to implement customization around the Solana token standard.
While Solana has outperformed Bitcoin in the past two months, analysts maintain a bullish outlook on the token.
What Happened: Solana Labs announced the launch of token extensions marking the next step in its Solana Program Library (SPL) token standard.
These tokens aim to provide solutions for businesses transitioning to distributed ledger technology, focusing on security, compliance, and ease of use.
The tokens will meet the needs of various industries, including stablecoins, real-world assets (RWAs), and payments offering features like transfer hooks, transfer fees, confidential transfers, permanent delegate authority, and non-transferability among the 13 total token extensions.
Paxos and Japanese company, GMO-Z.com Trust Company Inc. are among the early adopters of these new token extensions.
Also Read: Solana Activity Surges: Is A Price Breakout Imminent? Analyst Foresees Rally To $150
Why It Matters: Leveraging its first mover advantage in offering this level of integrated developer and user experience in a single token program, Anatoly Yakovenko, co-founder and CEO of Solana Labs, said, “Token extensions build on the characteristics that make Solana the ideal destination for developers.”
Sheraz Shere, the head of payments at the Solana Foundation, stated, “Companies like Visa, Worldpay, Stripe, Google, and Shopify have already seen the performance advantages inherent to the Solana network and have launched solutions and applications that are only possible on Solana.”
Crypto analyst, World Of Charts indicated in the latest tweet, “Trend Is Up & Strong Consolidating In Bullish Flag (Seems Like Preparing For Another Leg Higher). I Will Only Enter After Upside Breakout Successful Breakout Can Lead Bullish Rally Towards $125 -$150.”
Long-term crypto and stock investor, Jelle tweeted, “Ok, time to become a $SOL bull again. Weekly support reached. Build some structure here, and we can start sending it higher once more.”
Another user said, “I longed Solana again and now going to play golf. Price target $95.”
Price Action: In the past two months, Solana has seen gains of 50.9% compared to the 6.5% reported by Bitcoin during the same period.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
