The Fall of Solana Price
The Solana price has depleted by 5.5% in the past 24 hours and is currently valued at $94.15, with trading volume down 15% to $2.6 billion.
This drop can be linked to the high demand for the latest Solana Mobile phone, Chapter 2, which has received remarkable preorders. The phone, which is priced at $450, offers similar functionality to its predecessor, Saga, and presents significant opportunities for developers and users in the crypto space.
Rising Demand for Solana Mobile Phone
The phone has surpassed the sales of its predecessor, Saga, within the first 24 hours with over 30,000 preorders, which is an impressive feat.
This immense demand is due to the unique features of the Chapter 2 phone, including a built-in crypto wallet, a Seed Vault, and a “dApp store” for decentralized crypto applications. It is also Android-based and has a similar design to the Saga phone.
Solana Price Bulls Face A Temporary Setback
The Solana price has been gradually ascending, reaching the resistance level at $126.10. However, the bear’s downward pressure has contributed to a bullish pennant formation, indicating a bullish trend continuation for the Solana price.
This downturn creates an opportunity for upward momentum for SOL price, as it remains above the 50-day and 200-day Simple Moving Averages (SMA).
Solana Price Prediction
The presence of a bullish pennant has allowed the bulls to regroup for a bull rally that could propel prices to project highs in 2024, targeting around $150. However, in case the bears continue to dominate, the price could approach the $87 threshold.
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Hot Take: Heightened Activity Expected in the Solana Space
The Solana price has faced a temporary setback due to declining momentum in the last 24 hours. However, its distinct features and continued demand for the new Solana Mobile phone, Chapter 2, are projected to propel prices to new highs, targeting around $150 in 2024.
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