Global financial giants, Franklin Templeton and Citigroup, are embracing Solana for cutting-edge financial services, signaling the blockchain's increasing relevance in decentralized finance (DeFi). Franklin Templeton, managing over $1.4 trillion in assets, has unveiled intentions to launch a mutual fund directly on Solana. Meanwhile, Citigroup is exploring Solana's potential for smart contracts and cross-border payments.
These significant moves were disclosed at the Solana Breakpoint 2024 event in Singapore, showcasing a surge in interest from traditional financial (TradFi) institutions in Solana's scalability and cost-effective transaction capabilities.
Franklin Templeton’s Blockchain Strategy
The choice by Franklin Templeton to introduce a mutual fund on Solana underscores the firm's dedication to integrating blockchain technology for operational enhancement. Mike Reed, Franklin Templeton's partnership development lead, emphasized Solana's transactional capacity and cost efficiency as pivotal aspects in this decision.
According to Reed, "Solana provides the scalability required to manage substantial volumes of ledger entries for a mutual fund, making it the ideal selection for this venture." The mutual fund will exclusively operate on Solana, cementing Franklin Templeton's reputation as a trailblazer in the blockchain sphere.
Citibank Eyes Cross-Border Payments
Citigroup also recognizes the potential of Solana in facilitating cross-border transactions and deploying smart contracts. With prior experience in testing blockchain applications using Avalanche, Citibank anticipates Solana to drive seamless financial transactions in the future.
The interest from Franklin Templeton and Citibank in Solana reflects a broader trend of major financial institutions exploring blockchain technology to streamline operations and minimize costs.
Solana Price Outlook; $146.50 Supports
Currently, Solana is consolidating after hitting an intraday peak of $149.46, encountering resistance around $149.50. Immediate resistance levels are situated at $152.50 and $157.21, aligning with significant Fibonacci retracement levels.
On the downside, support levels exist at $146.50, followed by $142.80, with robust support at $139.80, wherein the 50-day EMA ($138.89) offers additional defense.
The RSI stands at 66, approaching overbought conditions, hinting at potential consolidation before another upward surge.
Key Insights:
- Resistance: Immediate resistance at $149.50, with higher targets at $152.50 and $157.21.
- Support: Immediate support at $146.50, with solid backup from the 50-day EMA at $138.80.
- RSI: Nearing overbought conditions at 66.47, indicating potential short-term consolidation.
As institutional adoption of Solana escalates, the outlook remains strong, with anticipated price increments if the momentum persists.
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