Solana price rose slightly on Wednesday as hopes of a spot ETF rose after Ethereum’s approvals this week.
Solana (SOL), the fifth-biggest cryptocurrency, rose slightly to $176, a few points below its highest point this week.
Franklin Templeton is interested in Solana ETF
Crypto analysts believe that Solana, due to its role in the crypto industry, fits the bill for the next cryptocurrency to have its spot ETF.
It is a large coin with a market cap of over $82 billion and is highly liquid, with an average daily volume of $2.9 billion.
Like Ethereum (ETH), it has substantial utility in the crypto industry. It has become the most popular blockchain among meme coin developers, decentralized exchanges, and tokenized funds.
Some influential players in the decentralized public infrastructure (DePIN) industry, such as Helium and Hivemapper, run on Solana.
VanEck was the first financial services company to apply for a spot Solana ETF a few months ago. Franklin Templeton, managing over $1.5 trillion in assets, has hinted at applying for Solana and more ETFs soon.
Other companies like Bitwise, Blackrock, and Invesco could also file for Solana ETF approvals.
The industry is bringing substantial revenue to these companies. For example, Blackrock’s Bitcoin (BTC) ETF, with over $22 billion in assets, could generate over $55 million annually with its 0.25% expense ratio.
Solana price formed a bullish pattern
Technically, Solana is hovering near the key resistance point at $188.8, its highest swing on May 21st. It also found a strong bottom at $121.48, where it struggled to move below in April, May, June, and July.
The token sits above the 50-day moving average, indicating that bulls are in control. It has also formed a cup and handle pattern, a popular bullish continuation sign.
A break above the resistance at $188.88 will likely point to more upside, with the next target being the year-to-date high of $210.
