Solana (SOL) Price Rally May Be Imminent as RWA Tokenization Takes Center Stage

Real World Asset (RWA) tokenization has recently taken center stage with some of the top industry players focusing on this next shift in the blockchain industry.

SkyBridge Capital founder Anthony Scaramucci highlighted the significance of asset tokenization in streamlining financial systems. During his speech at the Breakpoint 2024 conclave, he pointed out the vast sums spent annually on transaction verification, emphasizing the role of tokenization in reducing the need for third-party intermediaries and minimizing friction in transactions.

Scaramucci also praised Solana's leadership in the tokenized assets space, highlighting its potential to spearhead future developments in the industry. “The future is tokenized, and Solana is leading,” he remarked. Notably, Scaramucci has been actively involved in shaping Kamala Harris's crypto policies.

Solana (CRYPTO: SOL) announced key partnerships with financial giants like Franklin Templeton and Citi Bank at the recent Breakpoint 2024 event.

As part of the partnership, Fraklin will be utilizing the SOL blockchain to launch its on-chain mutual fund. Meanwhile, Citi Bank is also exploring the Layer-1 blockchain to facilitate transfers and offer smart contract services.

Elsewhere, $100 billion asset management giant WisdomTree unveiled a new platform to provide convenient access to real-world tokenized assets.

The WisdomTree Government Money Market Digital Fund will enable users to engage meaningfully with tokenized assets. Interestingly, the tokens on the platform will be initially minted on the Ethereum blockchain.

SOL Price Rally In Sight?

The SOL price displayed a strong recovery of over 10% from the support levels of $130 this week.

This places the altcoin in a favorable position to kickstart a further rally from here onwards, potentially setting the stage for a Solana rally to $200.

Popular trader Peter Brandt showcased how SOL is gearing up for a strong rally henceforth, with the possibility of another 30% gain from here. At the time of writing, the SOL price is trading at $145 levels.

As per the image shared by Brandt, SOL has been consolidating within the range of $130-$210. Hence, it could proceed further to the upper end of this range in the upcoming days.

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