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The Solana price is up 3% in the last 24 hours to trade for $97.21 as of 5:05 a.m. EST time, but trading volume dwindled nearly 30%.
The Solana price uptick comes amid resurging chatter about Solana Mobile. It plans to unleash another product into the market after the epic success of Solana Saga, which helped send Solana meme coin BONK through the roof.
lol. just so everyone is aware, @solanamobile saga sales have >10x'd in the past 48 hours, and are now on track to sell out before the new year.https://t.co/SzKht4DTYL
— raj 🖤 (@rajgokal) December 14, 2023
The new product is expected to make its market debut and ride the success of the crypto-ready Solana Saga phone.
The new product will not be so different from Saga, with features such as an onboard crypto wallet, custom Android software, and a “dApp store” for crypto applications. Nevertheless, it will be more affordable and with different hardware, according to a person familiar with the matter, CoinDesk reported.
At launch in 2023, the Saga phone sold for $1,000. However, the ecosystem was compelled to slash the rates because of poor sales. Latest eBay listing shows a factory-sealed Saga phone selling for $2,300.
That’s 5X more than what it sold for five weeks ago. The new Solana Mobile product could help cool down the secondary market for the existing Saga smartphones, with the value surge steered by limited supply.
The launch of the new smartphone could also help catalyze the Solana price.
Solana Price Outlook With a New Product In The Works
Even after the recent slump, the Solana price is still broadly bullish still consolidating within an ascending parallel channel. This is a bullish chart pattern expected to deliver more gains if the altcoin remains within its boundaries.
Looking at the Relative Strength Index (RSI), the momentum indicator continues to rise, showing increasing buying pressure. If this trajectory continues, the RSI could soon record a bullish crossover, moving above the signal line (yellow band). Normally this buy signal could catalyze enhanced value.
If traders harken to this call, the Solana price upside potential could be realized, with the ensuing buying pressure sending SOL past the midline of the ascending parallel channel above the $100.00 psychological level.
In a highly bullish case, the Solana price could extend into the supply zone between $107.92 and $121.19. A cross and close above its midline at $114.76 would confirm the continuation of the uptrend. In a highly bullish case, the gains could extrapolate, with the Solana price flipping the supply zone into a bullish breaker to tag the $126.36 resistance level.
The highly ambitious case could see the Solana price clear this range high, standing 30% above current levels, to record a higher high.
TradingView: SOL/USDT 1-day chart
Converse Case
On the other hand, considering the histogram bars of the Awesome Oscillator (AO) are reducing in volume and flashing red, the bearish pull on SOL is increasing. The nose-diving Moving Average Convergence Divergence (MACD) indicator, southbound while moving below the signal line (orange band) in December, reinforces this.
Should profit taking ensue, the Solana price could drop below the immediate support at $89.02. The next move would be to collect the buy-side liquidity that continues to reside underneath. In a dire case, the slump could extend south, with the Solana price likely to revisit the $68.03 support floor, last tested on December 18, standing 30% below current levels.
Promising Alternative To Solana
Meanwhile, all eyes are on Sponge V2, a meme coin poised for more gains after its predecessor, Sponge V1, recorded 100x returns after launch last year and is now up 1,011% in the past year.
According to a top YouTube crypto analyst, $SPONGE has advanced 10x from recent lows and looks well placed for even bigger gains ahead.
Investors looking to buy SPONGE V2 who do not already own SPONGE V1, must purchase the V1 version and then stake in the bridging contract. This has been detailed on the Sponge.vip website.
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Also Read:
- Bonk Price Surge Causes Solana’s Saga Phones To Sell Out In US As Customers Chase BONK Token Bonus
- Solana Price Prediction: As SOL Replaces XRP In Crypto Market Index, This AI Platform Helps Investors Find The Next 10X Crypto
- Bonk Price Prediction: BONK Falls 9% As Solana’s Saga Phone Sells For $5K On eBay And Investors Consider If This Other Meme Coin Is The Best Crypto To Buy Now
- 100X Meme Coin Sponge Prepares For Second Takeoff With Launch of V2 – Is $SPONGEV2 The Best Crypto to Buy Now?
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