This is the 15835th most frequent Russian word.
прозванной
"Dubbed" or "nicknamed."
In this sentence, 'прозванная' is used to describe the street by its nickname given by the locals, functioning as a participle.
Эта улица, прозванная местными жителями «Солнечной», привлекает туристов.
This street, dubbed 'Sunny' by the locals, attracts tourists.
Here, 'прозванная' is used to describe the song which has been named or referred to as something significant.
Песнь, прозванная гимном свободы, вдохновляет людей уже многие годы.
The song, called the anthem of freedom, has been inspiring people for many years.
In this case, 'прозванная' emphasizes the given nickname which provides cultural or symbolic meaning to the statue.