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Solana's (SOL) appeal is gradually shifting away from retail investors to top investment asset management firms. The latest on this list to endorse Solana is Franklin Templeton, the asset manager who has been in existence since 1947. The firm recently took to the X platform to declare support for the visions of the protocol’s cofounder Anatoly Yakovenko.
Tomiwabold OlajideSpecifically, Franklin Templeton named such Solana innovations as DePIN, or decentralized physical infrastructure networks, decentralized finance (DeFi), meme coins, non-fungible token (NFTs) and Firedancer, as some of the intriguing developments that are worth watching out for.
As the investment management firm noted, Yakovenko’s vision is to present a "single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry." While Solana has particularly gained prominence for its DeFi, NFT and meme coin traction in the fourth quarter of last year, the global, mainstream impact of DePIN and Firedancer is understated.
While DePIN is designed to aid the management of crucial physical resources, with applications in fields like the energy sector, Firedancer is a third-party validator client that hopes to help improve the transaction processing and general efficiency of the Solana blockchain.
Alex DovbnyaFranklin Templeton endorsement: Implication for SOL price
Franklin Templeton is deepening its foothold in the digital currency ecosystem after joining the first cohort of asset managers that achieved approvals for spot Bitcoin ETF products in the U.S. With the firm’s growing interest in Solana, it can reshape investors' interest in the protocol and might even see Franklin Templeton make a push for a Solana spot ETF shortly.
Solana's price will gain another major fundamental to continue on its upward trajectory in hopes of beating its performance for the past year. At the time of writing, the coin is priced at $100.80 after soaring by 3.8% in the past 24 hours.
Should investors price in the Franklin Templeton endorsement, the coin might build solid support around the $100 price mark as the general market consolidates.
Valeria Blokhina
Dan Burgin
Alex Dovbnya
Vladislav Sopov