Solana Plans to Unveil New Mobile Phone, Will SOL Price Rally?

Solana Mobile is set to release a second smartphone, building on the unexpected success of its initial crypto-ready device, according to a source familiar with the matter. The upcoming phone will retain the core features of its predecessor, named Saga, including an integrated crypto wallet, customized Android software, and a “dApp store” for crypto applications.

What’s New With Solana Mobile 2.0?

However, the new phone aims to be more affordable and will incorporate different hardware specifications. While the original phone debuted at $1000 last year, it experienced price reductions due to sluggish sales.

The introduction of the new Solana Mobile phone is likely to address the surging demand in the secondary market for the scarce existing Saga smartphones. Currently, a factory-sealed Saga device is attracting bids of $3,200 on eBay, marking a fivefold increase in its value over the past five weeks.

Initially positioned as an experimental phone catering to crypto traders and NFT collectors in a mobile-first platform, Saga faced challenges in finding a sufficiently large market. However, the dynamics changed dramatically when users realized the phone included an allocation of BONK tokens, surpassing the device’s cost. Within a week, the Saga completely sold out.

Over the subsequent month, Saga phones continued to prove lucrative for their owners, receiving airdrops of valuable tokens and NFTs from various projects. These airdrops not only strengthened the Saga community but also inspired more Solana developers to explore the creation of mobile applications. Upon reaching out by CoinDesk, a representative of Solana Mobile refused to comment.

SOL Price Rally to Kickstart Again?

For almost a month’s time, the Solana (SOL) price has been moving sideways and staying under $100, after hitting a peak of $122 in December 2023. As of press time, Solana (SOL) is trading at $95.77 with a market cap of $41.4 billion.

Despite the prevailing selling pressure, Solana buyers in action are promptly absorbing the available supply below $90, resulting in the formation of lower price rejection candles. This scenario heightens the potential for a bullish reversal, either in the shape of a double-bottom pattern or a bullish reversal within the flag pattern.

In the event that the SOL price surpasses the $100 threshold, the bullish trend could encounter significant resistance levels at $120 and $150.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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.