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Solana (SOL), the fifth largest digital asset by market cap, has once again slipped below the crucial $200 mark as the broader cryptocurrency market remains in the red. The pullback comes amid a general market drop, with major cryptocurrencies struggling to maintain recent gains.
According to CoinMarketCap data, SOL is down more than 4.2% in the last 24 hours, trading at around $191 at the time of writing. This dip follows a recent rebound that saw Solana surpass $200 again, fueling hopes for future gains. However, selling pressure and marketwide losses have erased some of those gains.
Solana rose for four consecutive days after recovering from a low of $188 on Feb. 7. The rally peaked at highs of $209 on Feb. 10, when bulls faced resistance.
Prices started dropping from here, with SOL on track to mark its second day of falls. Today's drop follows a red-hot January CPI inflation report that stoked selling on the markets.
Tomiwabold OlajideInflation rose faster than expected in January, giving another incentive to the Federal Reserve to keep interest rates unchanged.
CPI advanced by a seasonally adjusted 0.5% for the month, bringing the annual inflation rate to 3%, both more than anticipated. Core CPI rose by 0.4% and 3.3%, respectively, above expectations.
Following the CPI report, markets expect the Fed to remain on hold for a prolonged period, pushing the next rate cut into September.
$1.5 trillion investment asset manager arrives on Solana
Franklin Templeton, a global investment firm with over $1.5 trillion in assets, has expanded its tokenized money market fund, Franklin OnChain U.S. Government Money Fund (FOBXX), to the Solana blockchain.
With over $500 million issued on other chains as of Jan. 31, Franklin Templeton's recent move would provide institutional-grade money market exposure to Solana, joining an expanding suite of real-world assets (RWAs) launched on the platform.
FOBXX, which debuted on the Stellar blockchain in 2021, is the first U.S.-registered mutual fund to employ blockchain for transaction processing and recordkeeping.
Valeria Blokhina
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov