Crypto Analyzer

Solana’s SOL Price Rises 7% with Franklin Templeton’s Backing

Solana’s native cryptocurrency SOL has experienced a surge of 7% in price after receiving support from investment firm Franklin Templeton. This boost comes after a challenging month for SOL, where it lost a significant portion of its value.

The recent turnaround for Solana has been substantial, with SOL gaining 3.6% in the past day and an impressive 18% over the last three days. After hitting a low point in April, SOL has shown resilience and is now on an upward trajectory, currently trading at $142.40 at the time of writing, marking a 4.27% increase in the past day.

Despite a decrease in trading volume, Solana has managed to reverse its downward trend, with market sentiment shifting positively. The overall crypto market has also seen positive movements, with Bitcoin and Ethereum showing gains as well.

Technical analysts are optimistic about the growth potential of Solana’s ecosystem, highlighting tokens like Jito (JTO) and Jupiter (JUP) that are expected to rally. However, the oracle network Pyth is currently facing a bearish cycle.

The success of SOL seems to be closely tied to the performance of tokens within its ecosystem. Popcat, a meme coin, has surged by 74% since the beginning of May, demonstrating the ongoing interest in Solana-based projects. Meanwhile, Jito has become the leading project in terms of total value locked (TVL) on Solana, with its native token JTO gaining 6% in the past day.

As SOL breaks through key resistance levels and maintains its upward momentum, the next major hurdle lies at $150. Should SOL manage to sustain its current trajectory, it could potentially pave the way for medium-term gains.

In conclusion, with Franklin Templeton’s support and a positive market sentiment propelling Solana forward, the future looks promising for SOL and its ecosystem tokens. As the cryptocurrency market continues to evolve, Solana’s ongoing developments and partnerships will likely play a crucial role in shaping its growth and success.