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Franklin Templeton, one of the leading investment companies with assets under management of over $1.5 trillion, considers Solana as the crypto with the potential to become the third largest in the market.
The company praised the resilience of the project, the frequency of its new releases, and the efforts made by developers to solve recent network congestion issues. Let’s see all the details below.
Franklin Templeton praises the Solana crypto
As anticipated, Franklin Templeton, an investment company with $1.5 trillion in assets under management (AUM), has praised the growth path of Solana.
In particular, emphasizing that the network has the potential to establish itself in the vast market of cryptocurrencies.
In a statement released on social media, the company stated that Solana has benefited from the acceleration of the cryptocurrency market in the fourth quarter of 2023, thanks to a series of native airdrops that have boosted the entire SOL ecosystem.
Franklin Templeton also highlighted the resilience of the Solana network. Despite the hard hit suffered following the failure of FTX in 2022, the network has recovered with a significant increase in adoption.
Thanks to its low fees and scalability, Solana has managed to ride the trend of memecoins, giving life to popular tokens like BONK and WIF, which have remained among the top 100 cryptocurrencies by market capitalization.
The company expects a steady growth for Solana, thanks to its performance and network effects that could attract future cryptocurrency trends.
The network hosts numerous projects ranging from payments to decentralized infrastructures, to compressed non-fungible tokens (NFTs). Furthermore, according to Franklin Templeton, these initiatives could drive the next wave of adoption.
In the company’s statement, the following is written:
“Cryptocurrency enthusiasts wonder what the next big success will be. Although we cannot predict it with certainty, we believe that Solana has a good chance of being a protagonist.”
Franklin Templeton acknowledges that the increase in activity has created operational issues for Solana, but has praised the developers for their commitment to quickly resolve these issues.
The company concludes by stating that Solana could become the third most important cryptographic asset after Bitcoin and Ethereum, and could be the network that will lead the next major phase of adoption in the world of cryptocurrencies.
Solana’s price is rising: positive outlook and upward forecasts
The current price of Solana (SOL) is around 158.30 dollars, supported by a strong trading volume of 70.91 billion dollars in the last 24 hours. The market capitalization is 2.98 billion dollars, with a dominant market share of 24%.
The sentiment towards Solana remains strongly bullish, with a score of 68 on the Fear & Greed index, indicating greed among investors.
The circulating supply of Solana is 447.98 million SOL, out of a maximum of 533.68 million, with an annual inflation rate of 13.67% and the creation of 53.86 million SOL in the last year.
Solana could soon break new price levels thanks to recent significant transactions, often attributed to institutional investors or whales, which have reignited optimism in the market.
These strategic movements, such as the transfer of a large amount of SOL tokens from Binance to an undisclosed wallet, suggest a growing confidence in the future of Solana.
Furthermore, the rise in the price of SOL comes as the overall market of cryptocurrencies is recovering from a period of volatility.
The decision of the Federal Open Market Committee (FOMC) to keep interest rates stable has helped strengthen investor confidence.
The announcement of the Solana-Bitcoin bridge planned for the third quarter of 2024 adds further excitement, as this connection could expand the utility of Solana and stimulate the demand for SOL tokens.
This development could further push up the price of Solana, consolidating its position in the decentralized finance (DeFi) landscape and in cross-chain transactions.
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