Solana Price Prediction as $2.6 Trillion Citi Expands Tokenized Products to SOL

Solana price dropped by 1.1% today, Thursday, February 12, continuing a downward trend that started in September last year when it traded at $250 to the current $80. So, will SOL rebound after Citigroup expanded its tokenized solutions to the network?

Citigroup Expands Tokenized Products to Solana 

Solana has emerged as one of the fastest-growing players in the crypto industry, a trend that accelerated after Citigroup expanded its solutions to the network.

It has tokenized a bill of exchange and completed issuance to a settlement on the network. This is a major development as Solana is one of the biggest banks globally with over $2.6 trillion in assets and millions of customers in over 100 countries.

Citigroup is also planning to move substantial assets to the on-chain through the CIDAP tokenization platform it launched in 2024. Additionally, the company plans to launch crypto custody solutions this year, creating a platform that combines custody, tokenization, and global banking distribution.

Solana has become a major player in the tokenization industry. Data compiled by RWA shows that the distributed asset value of over $1.64 billion, which has increased by almost 40% in the last 30 days.  Its RWA transfer volume jumped by 30% to over $2.21 billion.

Many large companies have embraced the network for their tokenization projects, including BlackRock, Galaxy Digital, WisdomTree, and Apollo Global.

The same growth is happening in the stablecoin industry, where the market capitalization jumped by nearly 20% to over $16 billion. As a result, the stablecoin transfer volume jumped by over 274% to over $1.1 trillion.

More data shows that Solana is the fastest chain in the crypto industry, with the number of active addresses soaring by 95% to over 118 million. Its active transactions jumped by 55% to 2.7 billion, while its network fees jumped to $27 million.

Solana Transactions

Solana’s main challenge is that its fundamentals have become disconnected from the price. Its price continues to drop despite the ongoing network growth and adoption.

Solana Price Prediction: Technical Analysis 

The weekly chart shows that the SOL price has plummeted in the past few months because of the ongoing crypto market crash. It has moved from $250 to the current $80.

The coin has moved below the 61.8% Fibonacci Retracement level at $117. It has also formed a head-and-shoulders pattern, a common bearish reversal sign in technical analysis. 

The Relative Strength Index (RSI) has dropped to the oversold level, while the Average Directional Index (ADX) has risen, a sign that the downtrend is gaining momentum.

Solana price

Therefore, the most likely SOL price forecast is bearish, with the next key target being at $50. On the flip side, a move above the 50% Fibonacci Retracement level at $150 will invalidate the bearish outlook.

Source: https://coingape.com/markets/solana-price-prediction-as-2-6-trillion-citi-expands-tokenized-products-to-sol/