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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Global financial giants Franklin Templeton and Citigroup are turning to Solana for next-gen financial services, highlighting the blockchain’s growing prominence in decentralized finance (DeFi).
Franklin Templeton, managing over $1.4 trillion in assets, has announced plans to launch a mutual fund natively on Solana, while Citigroup is exploring the blockchain’s potential for smart contracts and cross-border payments.
These announcements, made at the Solana Breakpoint 2024 event in Singapore, underline the increasing interest from traditional financial (TradFi) institutions in Solana’s scalability and low transaction costs, making it an ideal blockchain for large-scale operations.
Franklin Templeton’s Blockchain Strategy
Franklin Templeton’s decision to launch a mutual fund on Solana demonstrates the firm’s commitment to integrating blockchain technology for operational efficiency.
Mike Reed, partnership development lead at Franklin Templeton, highlighted that Solana’s transactional capacity and cost efficiency were critical factors.
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.”
The mutual fund will operate natively on Solana, further cementing Franklin Templeton’s position as a blockchain leader.
The asset manager already oversees Bitcoin and Ethereum ETFs listed on the Chicago Board Options Exchange (CBOE), and sees Solana as crucial to the future of decentralized finance.
Citibank Eyes Cross-Border Payments
Citigroup also sees Solana’s potential for cross-border money transfers and smart contract deployment. Having already tested blockchain applications using Avalanche, Citibank views Solana as a future driver of seamless financial transactions.
Both Franklin Templeton and Citibank’s interest in Solana highlights a broader trend of major financial institutions exploring blockchain to streamline operations and reduce costs.
Solana Price Outlook; $146.50 Supports
Solana is consolidating after reaching an intraday high of $149.46, facing resistance near $149.50. Immediate resistance levels lie at $152.50 and $157.21, aligned with key Fibonacci retracement levels.
On the downside, support can be found at $146.50, followed by $142.80 and stronger support at $139.80, where the 50-day EMA ($138.89) provides additional protection.
The RSI is at 66, nearing overbought conditions, signalling potential consolidation before another push 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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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
