Solana (SOL) Increased by 9% Following Latest Developments: This is the Power of SOL
Investment asset management firm Franklin Templeton has published a report detailing the rapid adoption that Solana (SOL) has seen in a short period of time. With the company's approval, #Solana rose more than 9% to $138.46.
Following the unfortunate crash of the FTX cryptocurrency exchange, Solana's survival and resilience were highlighted. The cryptocurrency took a big hit in 2022 but has shown commendable resilience since then. Franklin Templeton pointed out that Solana successfully captured a significant portion of crypto activities from 2023 to 2024.
Considering all the challenges Solana faces, including the massive amount of network congestion it faces in March 2024, Franklin Templeton perceives the future of the protocol. Solana's growth is very likely to continue, especially as it is well-positioned for the next wave of crypto adoption.
In the long run, this will help SOL establish its dominance as the third largest crypto asset after Bitcoin (BTC) and Ethereum (ETH). Franklin Templeton found that Solana's activity and adoption peaked in Q4 2023, just after certain airdrops like Jito and Pyth took place in its ecosystem.
These airdrops had an impact on the inflows the Solana ecosystem saw at the time. There was a “billion dollar wealth impact” on SOL and other Solana based tokens, especially memecoins. Remarkably, the Solana ecosystem has experienced a significant percentage of recent memecoin activity in the crypto world.
