Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases

2023-8-11 15:00

Solana Mobile, a subsidiary of Solana Labs, announced a significant 40% price reduction for its Saga smartphone, slashing the price from its initial $1,000 to a more affordable $599. This move comes just four months after the phone’s launch, sparking a flurry of reactions from the crypto community.

The official statement from the company suggests that the price cut is a strategic move to foster wider adoption of mobile web3 and to enhance the user experience for the Solana mobile community. However, on-chain data paints a slightly different picture.

According to data compiled by Flipside Crypto, sales of the Solana Saga have seen a sharp decline since their peak in April and May. This is evidenced by the number of Saga Genesis NFT mints, which are generated when a user sets up their Solana Saga smartphone and accesses the Solana app store. The chart below shows a clear downward trend of sales. Since June sales volume has been extremely flat after a successful May 2023.

The price reduction has elicited mixed reactions on Twitter / X. While some early adopters expressed their frustration at purchasing the device at its original price, others defended the move, pointing out the benefits of being an early bird. Notably, early owners had the exclusive opportunity to mint Claynosaurz NFTs, which currently have a floor price of around 33 SOL on Magic Eden, translating to over $800.

Solana (SOL) Price Analysis

On the flip side, the Solana (SOL) token is in bullish territory. At the time of writing, SOL was trading at $24.38. A look at the daily chart shows that SOL was able to confirm the breakout from its downtrend channel on Monday after the price found support at both the channel’s trend line and the 200-day Exponential Moving Average (EMA).

As a result of this bullish confirmation, SOL broke above the 50% Fibonacci retracement level at $23.94. For now, it looks like SOL can defend the level and make a new run towards the 61.8% Fibonacci retracement level at $27.42.

Remarkably, on July 14, SOL reached its year-to-date peak of $32.36 and recoiled from the 78.6% Fibonacci retracement level. Subsequently, SOL dipped below the 61.8% Fibonacci level and couldn’t sustain a daily close above it.

Given this context, the $27.42 price point emerges as the most pivotal resistance currently. Should a breakout occur, a clear path to the year’s high would be established. In this case, a bullish breakout seems imminent. However, strong profit taking can be expected around $32.36. If the yearly high falls, though, the bulls could target the 1.618 Fibonacci extension level at $56.86.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Solana (SOL) на Currencies.ru

$ 151.66 (+0.13%)
Объем 24H $2.197b
Изменеия 24h: 7.13 %, 7d: 9.60 %
Cегодня L: $149.95 - H: $152.96
Капитализация $67.984b Rank 5
Цена в час новости $ 24.53 (518.26%)

solana price saga comes move affordable 599

Источник: newsbtc.com

solana price → Результатов: 126


Solana Registers 20% Rise In Past Week, But Can SOL Keep This Up?

Solana has observed an increase of more than 20% in the past week. Here’s what on-chain data says regarding whether this is sustainable or not. Solana Trading Volume Has Remained Low Despite Price Rise In its latest insight post, the on-chain analytics firm Santiment has looked at the underlying metrics of Solana to see what has been driving the latest increase in the price.

2023-7-6 14:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Solana & Other Top Coins Lose Trading Volume, Market Interest Down?

On-chain data shows Solana and other top cryptocurrencies have seen a decline in trading volume recently. Here’s what this says about the market. Solana, Bitcoin, And Ethereum Trading Volumes Have Declined Over Past Month According to data from the on-chain analytics firm Santiment, the cryptocurrency market’s trading volume has been declining since its peak in […]

Solana Whale Makes Massive 1,000,000 SOL Deposit To Binance, Bearish Sign?

On-chain data shows a Solana whale has just moved a massive SOL stack to Binance, which could prove to be bearish for the asset’s price. Solana Whale Has Deposited 1 Million SOL To Binance Today According to data from the cryptocurrency transaction tracker service Whale Alert, several large SOL transactions have occurred on the blockchain during the past day.

Solana (SOL) Price Primed For 50% Leap: Experts Turn Bullish

Crypto analysts are turning increasingly bullish on Solana (SOL), with forecasts suggesting a potential 50% surge in the near future. Following SOL’s 11% surge in the past 24 hours, several renowned analysts came forward to express their bullish stance.

Solana, Chainlink Among Coins With Overheating Open Interest: Data

Data shows Solana and Chainlink are among the top cryptocurrencies that have observed growth in Open Interest to relatively high levels. Solana & Chainlink Have Their Open Interest At Notable Values Currently According to data from the on-chain analytics firm Santiment, there has been a dramatic increase in interest in the derivative market for cryptocurrencies recently.