Today, the price of Solana has decreased by 3%, falling to $98.76, while the whole cryptocurrency market has seen a loss of 1% due to the overall decline.
However, despite the fact that SOL has seen a decline of 5% in a week, it has maintained a very robust gain of 32% over the preceding 30 days, not to mention its 340% increase over the course of the previous year.
Following the publication of a tweet by Franklin Templeton, a large investment business based in the United States, expressing respect for Solana and its progress over the course of the previous several months, such moves have taken place.
The statements that it made bring to light the likelihood that institutions may take a significant interest in SOL in the near future as well as in the more distant future, which is something that can only be beneficial for the price of the token.
This is a prediction of the price of Solana, since Franklin Templeton, which has $1.5 trillion in assets under management, has shown interest in the cryptocurrency.
Over the course of the last week or two, SOL has seen both highs and lows, and the indicators that it uses reflect this instability.
A clue that it is trying to recover meaningful momentum after sliding from highs in late December is that its relative strength index (purple) has began to drift downhill again after increasing marginally to 55 yesterday. This is a hint that it is continuing to struggle to restore momentum.
On the other hand, the 30-day average of SOL (yellow) continues to steadily increase, which is an indication that it may continue to be in an expansionary phase. This is the case even if it has been correcting relatively little over the previous few of weeks.
Its support level, which is green, lends credence to this viewpoint by demonstrating that it continues to increase in a healthy manner despite experiencing a few dips, and the currency seems to be protected from significant decreases.
The fact that its trading volume continues to be more than $3 billion is also a source of encouragement, as it suggests that interest in SOL has not diminished at all.
A number of recent transactions also reflect similar interest, with whales still mainly hanging onto their SOL, despite the fact that it has also suffered from the selloff that occurred after the introduction of Bitcoin ETFs.
As a result of the statements made by Franklin Templeton, it is probable that other whales and institutions may be coming to SOL in the not too distant future.
The company, which manages assets worth close to $1.5 trillion, published a series of posts on X about digital assets. In one of those tweets, the company described SOL as having "massive potential." Additionally, the company mentioned that it is impressed by recent Solana activity involving NFTs, DeFi, meme tokens, and DePIN (decentralized physical infrastructure networks).
These words could turn out to be early indications that Templeton would either invest in SOL directly or create an exchange-traded fund (ETF) based on SOL.
If this is the case, it is quite evident that the price of Solana will continue to go higher over the long run.
Since the market is expected to grow more optimistic over the next few months, it is possible that SOL may reach $200 in the not too distant future.
