Predicting Solana’s 2024 Prices Amidst New Network Updates
Solana, a high-performance blockchain platform, has recently introduced a token extension program, a development that could potentially influence its price trajectory in 2024. This new feature allows developers and projects building on-chain to access token extensions on Solana [SOL], enabling them to explore use cases not available on public blockchains.
Token Extension Program
The token extension program allows the creation of fungible and non-fungible tokens at the core protocol level. The use cases include governance for Real World Assets (RWAs) and stablecoin development. In total, Solana has introduced 13 token extensions.
Anatoly Yakovenko, the project’s CEO and co-founder, commented on the development, stating that the potential to build using token extensions is already evident from deployments by some of the most innovative projects.
Impact on Solana’s Price
Since the announcement of the token extension program, SOL’s price has gained 3.80%, with the token valued at $87.87 at the time of the announcement.
The token extension feature could potentially lead to the introduction of new cryptocurrencies built on Solana, which has emerged as one of the preferred platforms for launching tokens over the past year.
It’s worth noting that Solana’s Total Value Locked (TVL) has decreased, which could be perceived negatively by market participants. Despite this, Solana has established itself as a project capable of longevity in the market.
Price Predictions for 2024
Analysts have made various predictions for Solana’s price in 2024. According to Binance, the value of SOL may reach $112.64 in 2024. Another prediction from WeAreBlox suggests that the price could reach €200.19 (approximately $225 at current exchange rates) by December 2024.
These predictions are based on current market trends and the potential impact of Solana’s new network developments. However, it’s important to note that cryptocurrency prices are highly volatile and can be influenced by a wide range of factors.
Solana’s Future Developments
Solana’s future developments could also play a significant role in its price trajectory. The blockchain platform is known for its scalability and speed, with block times of 400 milliseconds. As hardware gets faster, so will the network.
The introduction of token extensions could unlock new business standards and use cases on the Solana blockchain, potentially attracting more developers and projects.
In conclusion, while Solana’s price in 2024 will be influenced by various factors, the introduction of the token extension program and other network developments could potentially drive its price upwards. However, investors should always conduct their own research and consider the inherent risks associated with investing in cryptocurrencies.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information