Solana Price Analysis: Is a Bull Run About to Happen? Franklin Templeton and Citi Support SOL

Posted by cryptonews Crypto News September 21, 2024 2.1k Views

The fact that Solana is providing next-generation financial services to global financial behemoths like Franklin Templeton and Citigroup underscores the blockchain’s rising prominence in decentralized finance (DeFi).

With over $1.4 trillion in assets under management, Franklin Templeton has declared its intention to introduce a native Solana mutual fund. Meanwhile, Citigroup is investigating the blockchain’s potential for cross-border payments and smart contracts.

The announcements that were made during the Solana Breakpoint 2024 event in Singapore highlight the growing interest of traditional financial institutions (TradFi) in Solana due to its low transaction costs and scalability, which make it the perfect blockchain for large-scale operations.

Franklin Templeton’s Blockchain Strategy

Franklin Templeton’s choice to introduce a mutual fund on Solana is indicative of the company’s dedication to utilizing blockchain technology to improve operational effectiveness.

Franklin Templeton’s lead for partnership development, Mike Reed, emphasized that Solana’s cost-effectiveness and transactional capacity were important considerations.

He stated, “Solana offers the scalability we need to handle large volumes of ledger entries for a mutual fund, making it the right choice for this initiative.”

As a result of the mutual fund’s native Solana operation, Franklin Templeton will continue to lead the blockchain industry.

The asset manager considers Solana to be essential to the development of decentralized finance, having already assumed responsibility for the Bitcoin and Ethereum ETFs listed on the Chicago Board Options Exchange (CBOE).

Citibank Eyes Cross-Border Payments

Additionally, Citigroup sees Solana’s potential for deployment of smart contracts and cross-border money transfers. Citibank sees Solana as a potential future driver of frictionless financial transactions, having already used Avalanche to test blockchain applications.

The interest that Franklin Templeton and Citibank have shown in Solana is indicative of a larger trend in which big banks are looking into blockchain technology in an effort to cut expenses and streamline operations.

Solana Price Outlook; $146.50 Supports

With resistance around $149.50, Solana is consolidating after hitting an intraday high of $149.46. Key Fibonacci retracement levels are at $152.50 and $157.21, which are immediate resistance levels.

Support is located at $146.50, $142.80, and a more robust level of support at $139.80, where the 50-day EMA ($138.89) offers more protection.

At 66, the RSI is getting close to overbought territory, suggesting that there may be a consolidation before another spike higher.

Key Insights:

  • Resistance: Immediate resistance at $149.50, with higher targets at $152.50 and $157.21.
  • Support: Immediate support at $146.50, with the 50-day EMA at $138.80 providing solid backup.
  • RSI: Nearing overbought conditions at 66.47, signalling possible short-term consolidation.

As institutional adoption grows, Solana’s outlook remains strong, with further price increases expected if momentum continues.

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