Solana Cellular, a subsidiary of Solana Labs, introduced a big 40% value discount for its Saga smartphone, slashing the worth from its preliminary $1,000 to a extra reasonably priced $599. This transfer comes simply 4 months after the telephone’s launch, sparking a flurry of reactions from the crypto neighborhood.
The official assertion from the corporate means that the worth reduce is a strategic transfer to foster wider adoption of cellular web3 and to boost the consumer expertise for the Solana cellular neighborhood. Nonetheless, on-chain information paints a barely completely different image.
In accordance with information compiled by Flipside Crypto, gross sales of the Solana Saga have seen a pointy decline since their peak in April and Might. That is evidenced by the variety of Saga Genesis NFT mints, that are generated when a consumer units up their Solana Saga smartphone and accesses the Solana app retailer. The chart under exhibits a transparent downward pattern of gross sales. Since June gross sales quantity has been extraordinarily flat after a profitable Might 2023.
The value discount has elicited blended reactions on Twitter / X. Whereas some early adopters expressed their frustration at buying the system at its unique value, others defended the transfer, stating the advantages of being an early hen. Notably, early homeowners had the unique alternative to mint Claynosaurz NFTs, which presently have a ground value of round 33 SOL on Magic Eden, translating to over $800.
Solana (SOL) Worth Evaluation
On the flip facet, the Solana (SOL) token is in bullish territory. On the time of writing, SOL was buying and selling at $24.38. A take a look at the day by day chart exhibits that SOL was capable of verify the breakout from its downtrend channel on Monday after the worth discovered assist at each the channel’s pattern line and the 200-day Exponential Transferring Common (EMA).
Because of this bullish affirmation, SOL broke above the 50% Fibonacci retracement stage at $23.94. For now, it appears like SOL can defend the extent and make a brand new run in the direction of the 61.8% Fibonacci retracement stage at $27.42.
Remarkably, on July 14, SOL reached its year-to-date peak of $32.36 and recoiled from the 78.6% Fibonacci retracement stage. Subsequently, SOL dipped under the 61.8% Fibonacci stage and couldn’t maintain a day by day shut above it.
Given this context, the $27.42 value level emerges as essentially the most pivotal resistance presently. Ought to a breakout happen, a transparent path to the 12 months’s excessive could be established. On this case, a bullish breakout appears imminent. Nonetheless, sturdy revenue taking could be anticipated round $32.36. If the yearly excessive falls, although, the bulls might goal the 1.618 Fibonacci extension stage at $56.86.
Featured picture from Disruption Banking, chart from TradingView.com
