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Solana Cuts Saga Price By 40%, Case For SOL YTD High Rises
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Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Solana price

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Solana Mobile, a subsidiary of Solana Labs, announced a significant 40% price reduction for its Saga smartphone, slashing the price from its initial $1,000 to a more affordable $599. This move comes just four months after the phone’s launch, sparking a flurry of reactions from the crypto community.

The official statement from the company suggests that the price cut is a strategic move to foster wider adoption of mobile web3 and to enhance the user experience for the Solana mobile community. However, on-chain data paints a slightly different picture.

According to data compiled by Flipside Crypto, sales of the Solana Saga have seen a sharp decline since their peak in April and May. This is evidenced by the number of Saga Genesis NFT mints, which are generated when a user sets up their Solana Saga smartphone and accesses the Solana app store. The chart below shows a clear downward trend of sales. Since June sales volume has been extremely flat after a successful May 2023.

Solana Saga sales
Solana Saga sales / NFT mints | Source: Filpsidecrypto

The price reduction has elicited mixed reactions on Twitter / X. While some early adopters expressed their frustration at purchasing the device at its original price, others defended the move, pointing out the benefits of being an early bird. Notably, early owners had the exclusive opportunity to mint Claynosaurz NFTs, which currently have a floor price of around 33 SOL on Magic Eden, translating to over $800.

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Solana (SOL) Leads Gains Among Top Coins, Is $30 Milestone Possible?

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Solana (SOL) Price Analysis

On the flip side, the Solana (SOL) token is in bullish territory. At the time of writing, SOL was trading at $24.38. A look at the daily chart shows that SOL was able to confirm the breakout from its downtrend channel on Monday after the price found support at both the channel’s trend line and the 200-day Exponential Moving Average (EMA).

As a result of this bullish confirmation, SOL broke above the 50% Fibonacci retracement level at $23.94. For now, it looks like SOL can defend the level and make a new run towards the 61.8% Fibonacci retracement level at $27.42.

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Solana Beats Out Ethereum To Emerge As Best Performer In Terms Of TVL

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Remarkably, on July 14, SOL reached its year-to-date peak of $32.36 and recoiled from the 78.6% Fibonacci retracement level. Subsequently, SOL dipped below the 61.8% Fibonacci level and couldn’t sustain a daily close above it.

Given this context, the $27.42 price point emerges as the most pivotal resistance currently. Should a breakout occur, a clear path to the year’s high would be established. In this case, a bullish breakout seems imminent. However, strong profit taking can be expected around $32.36. If the yearly high falls, though, the bulls could target the 1.618 Fibonacci extension level at $56.86.

Solana SOL price
SOL price readies for bullish move, 1-day chart | Source SOLUSD on TradingView.com
Featured image from Disruption Banking, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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