The price of Solana has dropped by 2.6% over the past 24 hours despite a rise in trading volume. This comes as Franklin Templeton has filed an ETF registration with the SEC.
Growing Institutional Interest
Major asset managers like Franklin Templeton have applied for a Solana ETF, highlighting increasing institutional interest. This reflects a trend towards diversifying crypto offerings beyond Bitcoin.
Key Support and Resistance Levels for Solana
Currently, Solana is trading at $170.83 with a range of $168.07 to $172.76. The double bottom pattern signals a potential trend reversal. For instance, a breakout above $175–$180 could confirm a bullish breakout targeting levels of $208 and higher.
New Solana Project Attracts Investor Attention
A new Solana-based project, Solaxy, has raised $22.9 million in its presale. Solaxy is designed to reduce congestion and improve transaction speeds through the implementation of a sidechain. The SOLX token is predicted to potentially 10x post-launch.
Solana's price is under pressure, but ongoing institutional interest and the launch of new projects like Solaxy could support the market in the longer term.
