Jun 24, 2022 03:30AM ET
By: AnalysisWatch
The price of Solana (SOL) is currently performing with an increase of 7.68% in the last 24 hours and 25.10% in the last week. The coin was trading at $38.52 at the time of writing.
One of the reasons for this increase is that the crypto market is up 3.6%. Another reason could be the launch of Solana's crypto smartphone, the "Saga" phone.
On June 23, Anatoly Yakovenko, CEO of Solana Labs, announced in New York the launch of a new Saga phone and a software development kit for Web3 programs called Solana Mobile Stack (SMS).
Yakovenko explained that this new crypto smartphone will have an approximate price tag of $1,000. The smartphone will be available on the market early next year.
Specifically, the SMS will feature a decentralized Web3 app store (Dapp), a mobile wallet called "Solana Pay," a simple platform-wide transaction signing option, and a seed vault to secure private keys in the phone.
It's worth noting that several other companies have already started their blockchain/crypto smartphones. These include HTC's Exodus line, Samsung's KalytnPhone, and Sirin Labs' Finney phone. However, Solana's Saga is said to be the most successful among them.
As for Sol's price analysis, the coin has been signaling trendline support since June 17, with a slight dip on June 22. However, after this dip, SOL regained strength to continue the uptrend. If the coin follows this move, it could overcome its minor resistance at $54.6.
Moreover, SOL has fallen 44.43% since May 10, a steep decline from $74 to its current price of $38.52.
The coin could overcome this downtrend only if it moves above the $54.6 resistance level.