Smart Layer Network Token (SLN)
1. Fundamental Analysis
1.1 Introduce
Smart Layer has created a new digital asset paradigm through its innovative token standard ERC-5169 & TokenScript. It introduces a token front-end that can transform token liquidity and utility. The technology is proven at scale with Smart Cats, which has +22m blockchain transactions and +500k users. It’s also validated for advanced token use cases with a published ERC404 V2 improvement based on Smart Layers token front-end.
1.2 Basic Info
| Name | Value | Name | Value |
|---|---|---|---|
| Symbol | SLN | Market Cap | 2666344.8 |
| Name | Smart Layer Network Token | White Paper | -- |
| Web Site | https://www.smartlayer.network/ | Is ICO | None |
| Wallet | -- | Raised Funds | - |
| Source | -- | Distribution | - |
| Explorer | https://etherscan.io/ | Algorithm | -- |
| Forum | -- | Proof | -- |
| Mining | Total | 100000000 | |
| Supply | 100000000 | Release Date | 2024-02-23 |
| Available Supply | 15871100 |
2. Technical Analysis
2.1 Kline Chart
2.2 Analysis
The recent price action demonstrates a clear shift from bullish to bearish momentum. A period of volatility, initially characterized by wide-ranging candles and elevated trading volume, culminated in a sharp, downward move. The data reveals a significant struggle between buyers and sellers, with neither side establishing sustained dominance. Initial attempts to push prices higher met with considerable selling pressure, ultimately leading to a series of lower highs and lower closes. The early presence of large green candles suggests early bullish activity, but they fail to maintain upward trajectory. This weakness became increasingly prominent toward the latter part of the analysis period. Specifically, the heavy trading volume associated with the downward spikes and a lack of immediate price recovery indicate a shift in market sentiment, with sellers gaining control.
The volume peaks during those days are especially notable. It signals not only increased participation but also a clear indication of strong bearish conviction. The subsequent reduced volume alongside continued price weakness suggests a potentially prolonged consolidation phase, possibly forming a new bearish channel. The failure of upward probes to break previous highs emphasizes a prevailing downward pressure. From a purely technical standpoint, the price action has exhibited classic signs of exhaustion following the high-volume upswings. This exhaustion led to pronounced gap down and a sustained price decline, which seems unlikely to change in the short term. As the latest prices fall below previously established price floors, the market’s overall bias has clearly shifted downwards, with the last values confirming this downtrend. The decreasing gap between the body and high of some small candles hints further consolidation, but not enough momentum to recover.
Looking forward the market will likely continue to face challenges, with significant resistance overhead. Support levels will need to be closely watched to discern the strength and depth of the downturn. If those levels fail to hold, further downslside movement should be anticipated. The market appears vulnerable. The interplay of price and volume points toward significant selling pressure, indicating a period of continued bearishness ahead. Therefore, conservative trading strategies with risk focused on the downside would be warranted within the current environment. The data suggest a likely period of further devaluation.
