Solana Whales Accumulating SOL, Amid Bullishness from Franklin Templeton: What’s Next? 

• 1 SOL’s current price is $154.34, with a 5.61% increase in the past day and a 10.11% rise in the past week.
• 2 The daily chart analysis shows a strong bullish trend and a breakout from a bearish channel pattern.

Alongside a broader improvement in the cryptocurrency market, Solana (SOL) has shown significant strength and a positive trend. Franklin Templeton, an investment management firm globally, has a positive outlook on Solana. They have forecasted that it could become the third most significant cryptocurrency after Bitcoin and Ethereum.

The tweet stated that the growth shown on the graph by Franklin Templeton is notable, as indicated by the Total fees and decentralized exchange (dex) volumes. Franklin also believes in DePIN (decentralized physical infrastructure network), which could become a significant trend and is highly likely to be implemented on Solana. 

Solana: Accelerated Adoption pic.twitter.com/WCEvtdJ2cE

— Franklin Templeton Digital Assets (@FTI_DA) May 2, 2024

Tweet By Franklin Templeton Digital Assets | By X Platform

Considering all these factors that Franklin thought, he suggests that the only place for Solana is at the top, next to Bitcoin and Ethereum.

SOL is currently priced at $152.49, showing a 4.61% uptick in the past day and a weekly rise of 10.11%. The optimistic price movement shows a bullish attitude among investors, emphasizing SOL’s attractiveness in a market on the mend.

Moreover, Coinglass reported an 8.65% increase in Solana’s open interest and derivatives volume optimized by 9.45%. This data indicates a strong bullish sentiment among SOL’s investors and traders. 

Positive advancements fuel SOL’s rally

Multiple vital factors have contributed to the recent SOL price increase, sparking a resurgence of enthusiasm and attention toward this high-performance blockchain asset.

🚨 🚨 267,077 #SOL (38,637,899 USD) transferred from #Binance to unknown wallethttps://t.co/ggx8BMqNhj

— Whale Alert (@whale_alert) May 4, 2024

Tweet By Whale Alert | By X Platform

Institutional feelings have significantly improved, shown by a large purchase of $38 million in SOL by a major Solana investor on May 4th, followed by two more substantial transactions of $1.626 Billion and $1.624 Billion by other prominent investors.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,000,000 #SOL (1,624,618,110 USD) transferred from unknown wallet to unknown new wallethttps://t.co/pEVupwwe5w

— Whale Alert (@whale_alert) May 4, 2024

Tweet By Whale Alert | By X Platform

The numerous significant transactions, as documented by Whale Alert, have brought a new sense of excitement to the market, demonstrating an increasing level of institutional trust in Solana’s prospects.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,029,346 #SOL (1,626,061,992 USD) transferred from unknown wallet to unknown wallethttps://t.co/qk8YN8X4co

— Whale Alert (@whale_alert) May 4, 2024

Tweet By Whale Alert | By X Platform

The news of the upcoming Solana-Bitcoin bridge in Q3 2024 has improved SOL’s market outlook. This progress shows improved compatibility and usefulness for Solana in the larger blockchain community, drawing in investors seeking cutting-edge projects with growth potential.

SOL continues to rise steadily as indicators point to more upward movement

The analysis of the daily chart for SOL indicates a strong bullish trend, suggesting the possibility of further upward momentum for Solana. A breakout from a bearish channel pattern on the daily chart has triggered a bullish indication. 

This sudden increase indicates a change in power from those selling to those buying, indicating that SOL is now ready for more upward momentum.

As a result, the upcoming significant positive target is approximately $160.0, indicating the possibility of ongoing price growth shortly.

Trading at around $154.34, the price has been upheld by consecutive green candles and a doji candle since early May, signifying continued purchasing activity. The constant backing at $120.0 has enabled Solana to sustain a slow yet stable climb, offering the possibility of testing higher resistance levels.

The Relative Strength Index stands at 51.38, indicating that the market is not overbought or oversold, allowing for possible price growth without hitting overbought levels. 

In addition, the MACD exhibits also confirm this positive forecast, with the MACD line staying higher than the signal line and the histogram indicating a growing bullish momentum with a value of 1.93. 

SOL Price Outlook | By TradingView

As on the daily chart, Bulls may target the $160.0 resistance, with a hurdle at $175.0 beyond that. The $120.0 support provides a vital buffer against downturns, but breaking it could lead to a decline toward $110.0.

Summary

Solana (SOL) has shown significant strength in the cryptocurrency market, with Franklin Templeton forecasting it to become the third most considerable cryptocurrency after Bitcoin and Ethereum.

SOL’s current price is $152.49, with a 4.61% increase in the past day and a 10.11% rise in the past week. Institutional investment in SOL is rising, with significant transactions boosting market excitement and trust in Solana’s future. The upcoming Solana-Bitcoin bridge in Q3 2024 also indicates positive growth potential for SOL.

Solana (SOL) is experiencing a steady rise, with bullish indicators suggesting further upward movement. The daily chart analysis shows a strong bullish trend and a breakout from a bearish channel pattern. This shift in power from sellers to buyers has positioned SOL for more upward momentum, with a potential target of around $160.0. 

Technical Levels

Support Levels: $120.0

Resistance Levels: $160.0

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.