Over the past month, Solana (SOL) has demonstrated a horizontal price trend, consistently staying below the $100 threshold after reaching a high of $122 in December 2023. Currently, Solana is trading at $95.77, with a market capitalization of $41.4 billion. Continued selling pressure has kept the cryptocurrency from surpassing the $100 mark, but it appears buyers are actively absorbing the available supply below $90.
Bullish reversal potential
There is potential for a bullish reversal as seen in the price charts, highlighting the formation of lower price rejection candles. These patterns suggest that buyers are intervening to prevent further declines, setting the stage for a potential bullish reversal, potentially in the form of a double bottom pattern or a bullish reversal within the flag pattern. Traders and investors are closely monitoring these developments as they could signify a change in market sentiment.
Weekly price forecast by Changelly
Changelly, a leading cryptocurrency exchange, predicts a volatile week for SOL. The weekly price prediction implies a potential decline of 12%, bringing Solana’s price down to $83.80. However, the outlook becomes more optimistic in the following days, with an expected rise to a high of $100.62. Traders are advised to exercise caution and remain vigilant, considering these fluctuations when making investment decisions.
Also Read: Here’s How Much $1,000 Invested In Solana (SOL) Would Be Worth 3 Years Ago Now
Solana Mobile 2.0: a second crypto-ready smartphone
Alongside Solana’s pricing development, Solana Mobile is preparing to introduce its second smartphone, building on the unexpected success of its initial offering, the Saga. The first device gained attention for its crypto-centric features, including a built-in crypto wallet, custom Android software, and a “dApp store” dedicated to crypto apps.
Solana Mobile 2.0, while retaining the core functionality of Saga, aims to be more cost-effective and will integrate various hardware specifications. The original Saga, initially priced at $1,000 when it launched last year, saw price cuts due to slower than expected sales. The focus on affordability of the next phone suggests a strategic move to tap into a broader market. This further makes crypto-ready smartphones accessible to a wider audience.
The announcement of Solana Mobile 2.0, coupled with its commitment to affordability, has the potential to reignite interest in the Solana ecosystem. As the cryptocurrency industry is constantly evolving, integrating user-friendly and accessible hardware can play a central role in attracting new users. The success of the upcoming smartphone could further strengthen Solana’s position in the market. I can also contribute to the widespread adoption of cryptocurrency and blockchain technology.
Also Read: Solana Rises Amid Market Volatility: How High Can SOL Go?
In conclusion, SOL’s current price momentum indicates potential for a bullish reversal, complemented by active buying at lower levels. Changelly’s weekly price prediction introduces an element of anticipation for Solana traders. Meanwhile, Solana Mobile’s reveal of a second smartphone marks an exciting development, highlighting its affordability and enhanced features. While the crypto community eagerly awaits these unfolding events, Solana enthusiasts and investors remain optimistic about the cryptocurrency’s future trajectory.
reference: watcher.guru