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Franklin Templeton Enters Solana ETF Race with Delaware Filing

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2 months ago

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In an astonishing development, Franklin Templeton has joined the Solana ETF rally, submitting documents in the US state of Delaware. By registering the Franklin Solana Trust entity, the asset manager has initiated procedures for its spot Solana ETF launch.

Notably, the move comes following the Securities and Exchange Commission’s (SEC) acknowledgment of Canary Capital’s Solana ETF application. While many investment firms are vying to launch altcoin ETFs, the community keenly awaits the SEC’s potential moves.

Franklin Templeton Registers Solana ETF in Delaware

In a recent filing, Franklin Templeton, a US-based global investments firm, submitted documents in the US state of Delaware to launch its Solana ETF. As an initial step towards the ETF launch, the asset manager registered the Franklin Solana Trust entity in Delaware, joining the rally of Solana ETFs.

While Franklin Templeton follows the footsteps of several other investment firms, including Grayscale and Canary Capital, this shows the increasing institutional demand for Solana. Commenting on Solana’s growing adoption, FOMO HUNTER, a prominent crypto voice on X, stated,

Solana ETF filings are heating up. Franklin joining the race adds momentum, but remember, regulatory approval is just the start.

What is Franklin Templeton’s Crypto Index ETF?

Recently, Franklin Templeton submitted an amended S-1 filing to the SEC, seeking regulatory approval for its Franklin Templeton Crypto Index ETF.

Although the fund initially plans to track its Bitcoin and Ether ETFs, it will eventually expand to include other altcoins. The platform stated in the filing, “The fund currently may not hold any digital asset other than bitcoin and ether. It is uncertain whether any digital assets other than bitcoin and ether may in the future be added to the Underlying Index.”

However, Franklin Templeton could add new cryptocurrencies to the Crypto Index ETF only after the SEC approved a similar ETP or fund for that asset.

Asset Managers Await SEC Approval for Solana ETFs

Notably, VanEck was the first platform to apply for a Solana ETF back in June 2024. Since then, several platforms, including Grayscale, Canary Capital, Bitwise, and 21Shares joined the rally, filing for spot Solana ETFs.

Last month, the SEC officially acknowledged Grayscale’s 19b-4 filing to list and trade its Solana Trust on NYSE Arca. With this, the SEC has opened a 21-day public comment period on a $102.8 million Solana-based fund. After the comment period, the SEC will decide whether to approve, reject, or further review the application.

In the latest update, the SEC acknowledged Canary Capital’s filing, signaling the regulator’s potential approval of the ETF. However, the SEC’s classification of Solana as an unregistered security casts shadow over the move. According to Bloomberg analysts Eric Balchunas and James Seyffart, ETFs for Litecoin and Hedera are more likely to receive SEC approval ahead of those for Solana and XRP.

Solana Price Dips Despite Increasing Institutional Interest

Despite growing institutional interest in Solana, the price continues to dip, currently trading at $196.57. The token has marked notable declines of 3.34% and 9.99% over the last day and last week, respectively.

Boasting a market cap of $95.94 billion, Solana is ranked 5th on CoinMarketCap. However, its 24-hour trading volume contrasts with the increasing institutional demand. Currently, Solana’s volume is recorded at $3.81 billion, down by 14.03%.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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DOGE Whale Moves 478M Coins As Analyst Predicts Dogecoin Price Breakout “Within Hours”

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1 minute ago

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April 16, 2025

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A DOGE whale has drawn the crypto community’s attention following a recent transfer involving millions of the meme coin. This development comes as crypto analyst Master Kenobi predicted that a Dogecoin price breakout will happen “within hours.”

DOGE Whale Moves 478 Million Coins As Dogecoin Price Eyes Breakout

Whale Alert data shows a DOGE whale moved 478 million coins worth $72.9 million from an unknown wallet to another unknown wallet, hinting at active accumulation from this investor. Other whales also look to be actively accumulating, as crypto analyst Ali Martinez revealed that DOGE whales bought over 800 million coins in 48 hours.

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This accumulation comes amid Master Kenobi’s prediction that a Dogecoin price breakout will happen within hours. His accompanying chart highlighted an ascending rectangle, from which the breakout could occur. The analyst further remarked that the breakout will also likely surpass the downtrend line.

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The crypto analyst stated that this is arguably the most significant event for DOGE this year so far. He added that the Dogecoin price’s peak is anticipated around late May to early June, aligning with the BNB price and other major altcoins.

Meanwhile, his accompanying chart also showed that Dogecoin could rally to as high as $0.8 if it reaches the upper boundary of this rectangular channel.

Martinez also recently predicted that the top meme coin could soon reach $0.29. He stated that price needs to hold the key support at $0.13 and sustain a break above $0.17 to reach this level.

More Bullish Outlook For DOGE

In a series of X posts, crypto analyst Trader Tardigrade provided a bullish outlook for the Dogecoin price. In one post, he stated that DOGE is breaking out of a falling wedge pattern on the 1-hour chart. He added that DOGE’s Relative Strength Index (RSI) also shows a breakout after hitting the oversold zone.

In another post, the crypto analyst stated that Dogecoin is forming a prolonged symmetrical triangle. Trader Tardigrade remarked that the longer the consolidation within the triangle, the stronger the momentum builds, leading to a higher pump for the DOGE price.

His latest X post also showed that the Dogecoin price was eyeing a rally to the $0.8 target, just like Master Kenobi predicted.

 

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Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Reveals Why The Solana Price Can Still Drop To $65

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2 hours ago

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April 16, 2025

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Solana price could be heading toward a major drop, according to crypto analyst Ali. In a recent analysis, Ali suggested that SOL might be retesting the breakout zone from a right-angled ascending broadening pattern.

Analysis Points to Downside Potential For Solana Price

Ali’s SOL analysis expects the price to drop to $65. This bearishness comes after a period of price weakness for Solana. SOL’s price fell by 1.2% in the last 24 hours, according to recent figures.

The prediction arrives at a time for the Solana network when Canada will launch Solana ETFs today after regulatory approval by the Ontario Securities Commission (OSC).

Ali’s technical analysis focuses on a right-angled broadening ascending pattern that has appeared on Solana’s price chart. SOL, according to the analyst, is re-testing the breakout pattern area, and this could be an indication of more downside action if the level fails to act as support.

This bearish outlook is shared by some other analysts in the crypto space. SatoshiOwl noted that Solana is not looking good and that it is breaking down from trendline on 1h. However, the analyst cautioned that confirmation was still needed from 1-hour and 4-hour candle closings. The analyst suggested that Solana might retest $120 first before possibly moving higher.

Not all analysts share this bearish view, however. Trader David identified what he described as bullish signs for SOL as this channel continues to move upward. He pointed out that after a 33% correction, Solana is now on a strong support level. He expressed hope that the token will reach new heights again.

Canadian ETF Launch Could Provide Institutional Access

Despite the bearish technical outlook from some analysts, Solana is experiencing a potentially positive development on the institutional front. The Ontario Securities Commission (OSC) has approved multiple ETF issuers to list Solana-based products in Canada, including Purpose, Evolve, CI, and 3iQ.

This regulatory clearance sets the stage for Solana ETFs to come to market. This may make the cryptocurrency available to a new generation of institutional investors who would rather have regulated investment products rather than direct exposure to cryptocurrency. The timing of this news is interesting, as it is happening during technical uncertainty in the price action of Solana.

Bloomberg ETF analyst Eric Balchunas provided some background on the upcoming launches. He clarified that Canada is preparing spot Solana ETFs to launch this week after the regulator waved the green flag to multiple issuers. He added that the ETFs will also offer staking through TD.

But the initial market reaction to this news has been muted, with the Solana price showing little positive momentum in response to the much-awaited launch of the ETF. CoinGape has also released an extensive Solana prediction for April 2025.

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Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Mantra (OM) Price Pumps As Founder Reveals Massive Token Burn Plan

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5 hours ago

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April 16, 2025

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The Mantra (OM) token price has surged after founder JP Mullin announced plans for a massive token burn. Mullin clarified that he intends to burn his personal team token allocation and implement a “comprehensive burn program for other parts of the OM supply.”

OM Pumps After Founder’s Burn Announcement

The OM token, which had experienced a major price drop over recent weeks, jumped from a low of $0.5115 to as high as $0.8706 following Mullin’s statement on X.

This announcement comes as OM has seen price drops of 87.0% over the past week. CoinGape has released a Mantra OM price prediction for April 2025, which could give you an idea of how the token can perform this month.

Mantra has initially shelved 300 million OM tokens for its team and core contributors. This accounts for 16.88% of the token’s nearly 1.78 billion total supply. These tokens are currently locked and were scheduled for a phased release between April 2027 and October 2029.

The planned burn could possibly take out a huge quantity of these tokens from the market for good. A decentralized vote could decide if all 300 million team token issuance needs to be burnt, as proposed by Mullin.

The announcement has been followed by various reactions from the Mantra community. Some members of the community believed that Mullin’s commitment was a positive development for token valuation, while others were concerned about having long-term issues.

Crypto Banter founder Ran Neuner warned against the move: “Burning the incentive may seem like a good gesture but it will hurt the team motivation long term.”

Mantra Refutes Allegations Following Price Collapse

Mullin’s token burn announcement comes at a difficult time for the project. The company has vehemently denied reports that it holds 90% of OM token supply. It has also rejected allegations of market manipulation and insider trading submitted by some community members.

Mantra explained that the latest price drop of OM occurred due to “reckless liquidations” and not due to anything the team had done. The recent history of the token indicates the size of this drop, with the charts reflecting a nearly 90% decline in value over the past month.

Major cryptocurrency exchanges OKX and Binance both experienced major OM trading activity immediately before the token’s collapse. However, both platforms have denied any wrongdoing in relation to the price crash. Binance mentioned that the crash was mainly due to cross-exchange liquidations.

They attributed the collapse to tokenomics adjustments that were made during October 2024 and abnormal market volatility that ultimately led to high-volume cross-exchange liquidations on April 13.

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Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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