Solana Saga phone launch could support SOL price recovery
- Solana Mobile’s flagship Android phone that offers users a web3 experience is available from late Monday.
- Saga owners can claim a Saga genesis token when setting up their blockchain device.
- The Saga phone is likely to catalyze SOL utility and price recovery.
Solana’s Saga Mobile, which offers users access to decentralized applications (dApps) and Web3 applications in the Solana ecosystem, is available for purchase from late Monday. .
The launch of the smartphone, along with the usage of its Ethereum-alternative blockchain technology, could give a boost to Solana (SOL) price recovery, which has been facing a bearish outlook recently.
Also read: Solana details plan to optimize the Web3 experience on mobile
Solana Saga Mobile launches for general public
Solana Mobile rolled out its flagship Android blockchain phone for the public. The phone will be available for customers in the United States (US), Canada, European Union (EU), United Kingdom (UK), Switzerland, Australia and New Zealand.
JUST DROPPED
— Solana Mobile (@solanamobile) May 8, 2023
Saga public orders are now open for
Order yours at: https://t.co/4ZIEs6ZysF pic.twitter.com/bmAhBFWToR
The Solana phone offers users self-custody solution, Solana dApp store and web3 applications on mobile. These features facilitate a boost in utility of projects in the Solana ecosystem.
Moreover, Saga owners are offered a unique device bound NFT that is key to Solana-based rewards, the company said in a recent blog post.
The launch and rollout of the Saga phone has been long awaited by SOL holders, who hope that the event will catalyze the token’s recovery.
SOL price has fallen almost 3% since May 8, trading at $20.5 at the time of writing.
Where is Solana price headed next?
Solana price is in an upward trend that started at the beginning of 2023. The altcoin is consolidating between the 23.6% Fibonacci level at $17.61 and 50% Fibonacci level at $28.25.
There is a key resistance zone between $27.50 and $36, where Solana price consolidated before a decline. SOL’s immediate targets on the upside are the 38.2% Fibonacci retracement at $23.50 and $25.75, a level that has acted as resistance since November 2022.
SOL/USD 1D price chart
Solana price could find support at 23.6% Fibonacci level of $17.61 and $16.14. A decisive close below the $16.14 level could signal a trend reversal in the Ethereum-killer altcoin.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
