Solana sets eyes on second crypto smartphone launch, likely to catalyze SOL price recovery
- Solana Mobile has plans to launch a second crypto smartphone at a lower price, after Saga’s successful rollout.
- Sources close to the matter revealed that the upcoming phone will have similar features as Saga, and hit the market at a cheaper price.
- SOL price recovery is likely to be catalyzed by the bullish development in the Solana ecosystem.
Solana Mobile is working on plans to launch a smartphone after the success of Saga. The plan is to offer Saga’s basic features and built-in crypto wallet at a cheaper price to users. Saga was initially launched at a price of $1,000 (since discounted), the phone’s successor will likely offer similar features in different hardware.
Solana Mobile set to launch second smartphone
Solana Mobile is working on the release of its second blockchain smartphone according to Coindesk’s sources. The first release of Saga was considered a success as the blockchain phone sold out, on account of its key features – integrated crypto wallet, customized Android software and an app store for Web3 applications.
The new release is expected to come at a lower cost and offer a different set of hardware and specifications. Saga Mobile was released at $1,000 in 2023 and the price dropped to $599 following slow sales at its roll out.
At the new price, however, Saga Mobile sold out. Demand for the phone in the secondary market has increased and what started out as an experiment has led to a mushrooming market for Solana’s blockchain phones.
In mid-December BONK, a Solana-based meme coin saw its price surge.An airdrop on Christmas Day 2022 added 30 million tokens to each phone holder. After the surge in December 2023 these were worth $700, more than paying for a $599 phone. The airdrop then subsequent surge in BONK price further catalyzed Saga’s demand among market participants.
The airdrop inspired SOL developers to explore the creation of more web3 applications and further token allocation to device owners, after BONK’s popularity.
SOL price recovery likely to be catalyzed
Solana price could potentially recover with bullish developments in the SOL ecosystem. At the time of writing, SOL price is $97.31, down from its December peak of $126.42. The meme coin is currently trading above its 50 and 200-day Exponential Moving Averages (EMAs) at $86.40 and $52.92.
SOL/USDT 1-day chart
A daily candlestick close below the 50-day EMA at $86.40 could invalidate the bullish thesis for SOL price.
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.
