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. For example, it has become the most popular blockchain among meme coin developers. Its decentralized exchanges handle billions in monthly assets, and Hamilton Lane has selected it for its tokenized fund.

Additionally, some of the most popular 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, a company with over $1.5 trillion in assets, has hinted that it will apply for Solana and more ETFs soon. 

Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward. Solana has shown major adoption and continues to mature, overcoming technological growing pains and highlighting the potential of high-throughput,…

— Franklin Templeton Digital Assets (@FTI_DA) July 23, 2024

Other companies like Bitwise, Blackrock, and Invesco could also file for a Solana ETF approval too.

Besides, the industry is bringing millions of dollars to these companies. For example, with over $22 billion in assets, Blackrock’s Bitcoin (BTC) ETF could bring in over $55 million in annual revenue since it has a 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.

Additionally, the token sits above the 50-day moving average, meaning that bulls are in control. It has also formed a cup and handle pattern, a popular continuation sign. Therefore, a beak above the resistance at $188.88 will point to more upside, with the next point to watch being the YTD high of $210.