Solana Price Skyrockets 20% Amid Market Correction, Here’s Why

Solana price has skyrocketed by 20% in the last two days despite the correction in the broader crypto market after Bitcoin crossed the $30,000 psychological level on Tuesday.

SOL price continues its upside momentum on Wednesday with an 8% rally. The 24-hour low and high are $22.18 and $24.02, respectively. In fact, Solana’s trading volume has jumped 120% in the last 24 hours to pump past $1 billion.

Why Solana Price Is Pumping

Solana price breakout above the 11-month-long resistance trendline on Tuesday after Bitcoin crossed the $30,000 psychological level after 10 months. This bullish breakout could be an early sign of trend reversal and the massive trading volume indicates positive sentiment among investors.

With continuous buying, the Solana price could rise 16% to hit $26.8 and $30.5 resistance levels. RSI has moved into the bullish region, indicating strong buying pressure in the market.

Solana Mobile Launch on April 13 is also a major catalyst for the SOL price jump. The community has been actively awaiting the Saga Web3 smartphone launch since its announcement last year.

According to Solana Mobile, the official Saga launch event will be live at 5 PM UTC on April 13 on Twitter, YouTube, and the website of Solana Mobile. The product launch date was last announced on March 23.

Solana Mobile: Details

Solana Mobile has open-sourced full Saga product design files Saga Interface Control Document and Saga 3D Surfaces for anyone wanting to build their own physical accessories for Saga, for commercial or personal use.

Solana Mobile says the Saga phone will help people to easily and securely transact in web3, trade tokens, mint NFTs, gaming on-chain, access dApps, and do other things. With its high throughput capacity, developers can build various decentralized finance (DeFi) apps and non-fungible token (NFT) projects on the network.

As earlier reported by CoinGape, the Solana Mobile Saga has a dApp Store, the Seed Vault wallet, the Solana Mobile Stack dApps building toolkit and an Android build environment, Saga Pass, and other features. Leading Android development company OSOM has ensured that the Saga mobile has the best camera, storage, processor, and other premium hardware experience.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.