Solana Tapped for $1.7B BlackRock Fund – Is TradFi Finally Going All In?
Solana (SOL) has gone up by 2.3% in the past 24 hours to stand at $145.18 after BlackRock’s initiative in the tokenization space called the BUIDL fund announced that it will now support asset transfers via the Solana blockchain.
In a press release published just hours ago, the fund announced that it has now expanded its cross-chain support to seven networks including Ethereum, Polygon, Arbitrum, and others.
BUIDL has now assets under management (AUM) exceeding $1 billion. The fund offers access to U.S. dollar yields through a blockchain-based solution that can be accessed at any hour, every day of the year.
The fund is considered a critical part of BlackRock’s ongoing pivot to blockchain technology as the world’s asset management giant has recognized the power that this technology has to revolutionize the financial industry.
Real-world assets (RWA) are already a $5 billion segment of the crypto market. Its market cap has been growing in the past few years. Scalable blockchains like Solana help developers and companies offer products like BUIDL that can be easily, reliably, cheaply, and quickly traded.
Solana’s trading volumes have gone up by 3% in the past 24 hours to $3.4 billion. Solana is the second worst-performing utility token in the top 5 with yearly losses of 23.3%, followed by Ethereum (ETH), which has retreated by 37.8% during this same period.
Other decentralized smart contract platforms like Tron (TRX) and Cardano (ADA) have done better with annual losses of just 9.3% and 8.6% respectively.
Meanwhile, SOL is currently trading 50.8% below its all-time high of $294.3 per coin from January this year, back when President Donald Trump picked the network to launch its official meme coin $TRUMP.
Solana Could Rise to $180 Shortly as Positive Momentum Picks Up
From a technical standpoint, Solana’s outlook is bullish as the price has broken below a key resistance at $137 per coin in the daily chart.
This sets SOL on course to retest its nearest lower high at around $180 per token. Momentum indicators confirm this positive outlook as the Relative Strength Index (RSI) has distanced itself from the signal line while the MACD’s histogram shows steadily increasing positive momentum readings.
A retest of the $180 level means a short-term upside potential of 23.8% for Solana (SOL). As the network continues to be embraced by top institutions like BlackRock to support their incursions into the blockchain space, SOL will experience higher demand.
However, Solana has experienced congestion issues in the past during peak usage times.
To solve this, a group of developers have launched Solaxy (SOLX), a layer-two scaling solution that has rapidly become one of the best crypto presales of the year.
Solaxy (SOLX) Fixes Solana’s Congestion Issues to Support its Ecosystem Growth
Solaxy (SOLX) launched its presale event in December last year and has already raised close to $28 million to deploy its Solana scaling solution.
This layer-two protocol processes transactions off-chain to ease congestion on the Solana mainnet. The Solaxy team is already in talks with leading wallet providers and exchanges to boost awareness and drive adoption.
Priced at just $0.001674, Solaxy’s utility token, SOLX, presents strong upside potential for early buyers as demand is expected to grow with broader usage.
Holders can also stake their SOLX tokens to earn a 147% APY, adding another layer of value to this promising presale.
To buy SOLX, simply head to the Solaxy website and connect your wallet (e.g. Best Wallet). Either swap SOL, USDT, or ETH, or use a bank card to make your investment.