Global financial giants Franklin Templeton and Citigroup are leveraging Solana to create next-generation financial services. This move highlights Solana’s rising importance in the decentralized finance (DeFi) landscape.
Franklin Templeton’s Blockchain Strategy
Franklin Templeton manages assets exceeding $1.4 trillion and recently announced plans to launch a mutual fund directly on the Solana blockchain. This initiative showcases the company’s commitment to blockchain technology and operational efficiency. Mike Reed, the partnership development lead, emphasized that Solana’s scalability and cost-effectiveness influenced their decision. He stated, “Solana provides the scalability necessary for managing substantial ledger entries for a mutual fund, making it the optimal choice for this venture.”
By operating the mutual fund on Solana, Franklin Templeton strengthens its leadership in blockchain adoption. Additionally, the firm already manages Bitcoin and Ethereum ETFs listed on the Chicago Board Options Exchange (CBOE). They view Solana as essential to the future of decentralized finance.
Citibank Eyes Cross-Border Payments
Citigroup is also exploring Solana’s potential for facilitating cross-border money transfers and deploying smart contracts. After testing blockchain solutions with Avalanche, Citibank now sees Solana as a promising candidate to improve financial transaction efficiency.
The interests of both Franklin Templeton and Citibank in Solana reflect a broader trend among traditional financial institutions that are investigating blockchain technology to streamline operations and cut costs.
Solana Price Outlook
Currently, Solana is stabilizing after reaching an intraday peak of $149.46 while facing resistance at around $149.50. Notably, key resistance levels are at $152.50 and $157.21, aligning with important Fibonacci retracement points.
On the downside, immediate support rests at $146.50, followed by $142.80 and stronger support at $139.80. The 50-day exponential moving average (EMA) at $138.89 also provides additional stability. Furthermore, the Relative Strength Index (RSI) currently sits at 66, suggesting it is nearing overbought territory, which may signal a period of consolidation before further upward movement.
Key Insights
- Resistance: Immediate resistance lies at $149.50, with targets at $152.50 and $157.21.
- Support: Immediate support stands at $146.50, with the 50-day EMA at $138.80 providing solid backup.
- RSI: The RSI approaches overbought conditions at 66.47, signaling possible short-term consolidation.
As institutional interest grows, Solana’s outlook remains strong. Many expect further price increases if the momentum continues.
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The post Solana Price Analysis: Franklin Templeton and Citi Back SOL – Is a Bull Run Coming? appeared first on Cryptonews.
