- Spot Bitcoin ETFs approved on January 11, paving the way for potential approval of other cryptocurrency ETFs.
- Ethereum and Solana are emerging as potential candidates for the next ETF approvals.
- Franklin Templeton, a prominent player in traditional finance, expresses admiration for Solana's recent accomplishments.
- A positive tweet from Franklin Templeton about Solana has led to speculation about a potential Solana ETF.
- Market analysts predict a significant upward movement for Solana, anticipating a break above $100 in the near future.
- Price targets for Solana range between $124 to $150, indicating bullish sentiment in the market.
In early January, the crypto and blockchain industry witnessed a significant stride towards global adoption as the US Securities and Exchange Commission approved 11 spot ETFs. While Ethereum enthusiasts eagerly awaited an ETF for their favorite cryptocurrency, attention shifted to Solana, posing the question of how close we are to a Solana ETF.
Franklin Templeton, a leading asset management company, expressed admiration for the Solana network and its creator, Anatoly Yakovenko, through various posts. The digital assets team commended Solana for its innovation and remarkable success in the recent quarter, fueling speculation about a potential Solana ETF. The unexpected praise from a traditional finance giant added momentum to the speculation, given Solana's status as a close competitor to Ethereum.
Solana's impressive features, such as superior throughput and low transaction fees, were highlighted. With an average transaction fee of less than $0.01 and the ability to handle over 50,000 transactions per second, Solana's Proof of History consensus mechanism stood out. The network's support for smart contracts and its involvement in the DeFi boom further solidified its appeal.
Franklin Templeton demonstrated thorough research by listing notable developments on the Solana network, including DePin, DeFi growth, memecoins, NFTs, and the Firedancer upgrade. This in-depth analysis fueled speculation within the crypto community about the possibility of Franklin Templeton filing for a Solana ETF, surpassing Bitcoin and Ethereum.
While Solana's current price hovers around $100.44, recent data suggests an upward trend, with a nearly 50% increase over the last month. Despite facing resistance at the $100 mark, technical analysis indicates a neutral standing on the RSI while hinting at an impending bullish crossover on the RSI-based MACD.
In terms of price prediction, the outlook for Solana is bullish, with potential targets ranging from $124 to $150, depending on the strength of the bulls. However, it's essential to note the inherent volatility of cryptocurrencies, and readers are advised to conduct their own research and make informed financial decisions. The information provided by Voice of Crypto aims to be accurate and up-to-date, but readers should be cautious about the inherent risks associated with crypto investments.