Citi and Franklin Templeton Support Solana
Franklin Templeton and Citigroup are using Solana for next-gen financial services, demonstrating the blockchain's rising role in decentralized finance.
At the Solana Breakpoint 2024 event in Singapore, conventional financial (TradFi) institutions expressed growing interest in Solana's scalability and low transaction costs, making it an excellent blockchain for large-scale operations.
Franklin Templeton Blockchain Strategy
Franklin Templeton's Solana mutual fund launch shows its commitment to blockchain technology for operational efficiency.
Franklin Templeton partnership development head Mike Reed stressed Solana's transactional capability and cost effectiveness.
He said, âSolana offers the scalability we need to handle large volumes of ledger entries for a mutual fund, making it the right choice for this initiative.â
The mutual fund will run natively on Solana, solidifying Franklin Templeton's blockchain leadership.
The asset manager manages Bitcoin and Ethereum ETFs on CBOE and views Solana as vital to decentralized finance.
Franklin Templeton and Citibank's interest in Solana shows that large financial firms are examining blockchain to improve processes and save expenses.
For Solana, $146.50 Supports
Solana is stabilizing after hitting $149.46 intraday high and approaching $149.50 barrier. Resistance levels at $152.50 and $157.21 are Fibonacci retracement levels.
Downside support is $146.50, $142.80, and $139.80, where the 50-day EMA ($138.89) gives further safety.
The RSI is almost overbought at 66, suggesting stabilization before further rise.
Key Findings:
Resistance: $149.50 immediate, $152.50 and $157.21 higher.
Support: $146.50 immediate support, 50-day EMA $138.80 backup.
Nearly overbought RSI at 66.47, suggesting short-term consolidation.
Solana's future is good as institutional usage develops, with price hikes predicted if progress continues.
