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Solana Saga

Solana’s Resilience: Bouncing Back To $100

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Solana experienced a dip below $90, but it managed to recover early this week, surging back into the $100 range on January 11. As of the current writing, SOL has seen a 7% increase in the daily index, trading at $104. The recent approval of the Bitcoin spot ETF has infused positive market sentiment, fueling hopes for a potential Solana price rally in the coming weeks.

However, Changelly’s forecast suggests a 5.08% decrease in SOL’s price, projecting a low point around January 12, 2024. Analyzing technical indicators, the token exhibits an 86% bullish market sentiment, while the Fear & Greed Index registers a score of 73, indicating a greedy market.

A look into the past 30-day trend shows that Solana has observed 15 green days out of 30 [50% success rate] with a price volatility of 16.68%. In the last 7 days, SOL has displayed a positive upward trend, posting a 3.42% increase. The strong potential shown by the leading altcoin recently presents an enticing investment opportunity.

Over the preceding month, SOL’s price has surged by an impressive 38%, adding an average of $35.8 to its current value. This rapid growth positions the coin as a robust asset, provided the upward trajectory continues.

Capitalizing on Solana’s blockchain, the meme coin Bonk [BONK] has experienced a notable 30% surge, trading at approximately $0.00001315 at the time of reporting. Bonk’s market cap reached $800 million, accompanied by a substantial 160% increase in daily trade volume over the past 24 hours.

Solana Saga Phones: Update

This surge comes after Bonk underwent substantial sell-offs, plummeting by over 70% from its all-time high on December 15, 2023. Notably, Bonk has since outperformed other meme coins like Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe Coin [PEPE], which recorded gains ranging from 5% to 11%.

Solana
Solana's Resilience: Bouncing Back To $100 2

Meme coins have become integral to Solana’s transaction volume, influencing trading activities for over a month. The token’s recent rise in value coincided with another update. More than 14,000 Solana Saga phones have been activated, as reported in the latest tweet from SolanaFloor on January 11, 2024. The Solana Saga, developed in collaboration with smartphone manufacturer Osom, is described as a premium hardware experience and a flagship-quality Android device designed specifically for crypto purposes.

Solana Saga Phones Fetch 8X Retail Price Amid Crypto Craze

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The Solana (SOL) Saga phones have become the latest craze in the cryptocurrency community, fetching a whopping eight times their retail price. The frenzy surrounding these devices peaked after a surge in demand caused them to sell out on the official website, culminating in one of the phones reportedly selling for a staggering $5,000 on eBay.

The Solana Saga phone, touted for its unique features and integration with the Solana blockchain, has captivated crypto enthusiasts worldwide. However, the recent price surge has left many bewildered, especially when compared to the relatively modest prices of mainstream smartphones like the Apple iPhone.

On December 16th, an eBay listing showcased two unopened Saga phones with an asking price of $5,000 or “best offer.” In contrast, Apple’s latest iPhone 15 Pro, a flagship in the smartphone industry, starts at a comparatively modest $999.

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The price spike appears to be directly linked to the overwhelming demand generated by a free memecoin airdrop, leading to the swift depletion of available units on the official Saga website. A post from Solana Mobile confirmed the sell-out, expressing gratitude to the supportive community and hinting at an exciting future.

ElemenTerra’s Solana Stint: Staking Partnership Unveils

As the Saga phones become increasingly scarce, the market dynamics have attracted the attention of individual buyers and blockchain-based ventures. ElemenTerra, a metropolis built on the Solana blockchain, seized the opportunity to announce a partnership, allowing Saga owners to stake their devices’ Genesis Token on Elementerra and earn Elementum, a native digital asset.

The Elementerra staking system promises a non-custodial approach, requiring owners to verify their device ownership to begin generating Elementum ahead of the game’s scheduled launch in January.

Community responses have been mixed, with some expressing excitement about their impending Saga phone deliveries. One user shared, “Solana Mobile is the first Android-based smartphone I bought so far, and pretty excited for the delivery already! More than my 15 max.” Another user revealed surprise at the Solana blockchain’s Permissioned Environment, suggesting its potential for big companies to create customized versions.

Nevertheless, the cryptocurrency community remains on the edge of its seat, eager to witness how this unexpected turn of events will shape the future of blockchain technology and mobile devices.

Related Reading | Altcoin Market On The Brink Of Breakout: Surge In Stablecoin Supply Sparks Optimism

Solana’s Saga Phone Takes Center Stage Amidst Bearish SOL Market

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Solana Labs has announced that its flagship Android phone, Saga, is now available for purchase and ready to be shipped to several countries, including the U.S., Canada, EU, United Kingdom, Switzerland, Australia, and New Zealand. 

The mobile phone is designed to bring the power of blockchain technology to users’ fingertips worldwide with its sleek design and premium components.

According to the announcement post, Saga is not just a phone but also offers a simplified web3 experience with Seed Vault. This secure self-custody solution protects users’ keys through biometric authentication and encryption. 

Furthermore, users can access decentralized apps without having to interact and sign transactions through their desktop web browser, thanks to the Solana DApp Store.

The Saga Genesis token is also available to users when setting up their devices. This unique device-bound non-transferable NFT serves as a key to Saga Rewards, unlocking exclusive content and offers from Solana Mobile and dApps listed on the Solana DApp Store.

The mobile phone has already received positive reviews from users who have praised its intuitive and secure design, deep integration with Solana, and innovative Seed Vault. 

As per the post, the pre-order shipments have already begun, and the company is expanding its shipping range to cover more countries soon.

However, Solana Labs is confident that Saga will revolutionize the mobile web3 experience and enable users to explore web3 right away. The company invites interested individuals to order Saga and join the mobile web3 era with this groundbreaking device.

Solana (SOL) Price Analysis

Despite a major announcement, SOL is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $20.60, down by about 3.52% in the last 24 hours. However, the weekly chart recorded a decline of about 5.47%, indicating some market volatility. 

SOL 1D graph coinmarketcap
Source: CoinMarketcap

In addition, SOL’s trading volume has witnessed an increase of 10.76%, reaching $455,745,488, in the last 24 hours, whereas the market capitalization has decreased by 3.60% in the same period. 

According to PricePredictions.com, Solana (SOL) is predicted to experience a bearish trend in the long term based on technical analysis, with an anticipated price drop of $0.56322 over the next 7 days. It is expected to bring the price down to $20.07 by May 16, 2023. 

Additionally, in the short term, the machine learning algorithm has also indicated a bearish trend for SOL, which suggests that investors may experience a slight decrease in the coming hours.

Related Reading | LINK Takes A Brief Dip By 5%, But Chainlink Network Shows Resilient Growth