Solana Cell, a subsidiary of Solana Labs, introduced a major 40% worth discount for its Saga smartphone, slashing the value from its preliminary $1,000 to a extra inexpensive $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 value minimize is a strategic transfer to foster wider adoption of cell web3 and to boost the person expertise for the Solana cell neighborhood. Nonetheless, on-chain information paints a barely totally different image.
In keeping with information compiled by Flipside Crypto, gross sales of the Solana Saga have seen a pointy decline since their peak in April and Could. That is evidenced by the variety of Saga Genesis NFT mints, that are generated when a person units up their Solana Saga smartphone and accesses the Solana app retailer. The chart under exhibits a transparent downward development of gross sales. Since June gross sales quantity has been extraordinarily flat after a profitable Could 2023.
The worth discount has elicited blended reactions on Twitter / X. Whereas some early adopters expressed their frustration at buying the gadget at its unique worth, others defended the transfer, mentioning the advantages of being an early chicken. Notably, early house owners had the unique alternative to mint Claynosaurz NFTs, which presently have a ground worth of round 33 SOL on Magic Eden, translating to over $800.
Solana (SOL) Value 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 in a position to affirm the breakout from its downtrend channel on Monday after the value discovered assist at each the channel’s development 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 seems 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 worth 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, robust revenue taking might be anticipated round $32.36. If the yearly excessive falls, although, the bulls may goal the 1.618 Fibonacci extension stage at $56.86.
Featured picture from Disruption Banking, chart from TradingView.com