The Solana price has plunged 5.5% in the last 24 hours to trade at $94.15 as of 4:29 a.m. EST, with its trading volume dropping 15% to $2.6 billion.
This decline comes amid a buying frenzy for the new Solana Mobile phone, Chapter 2, which has garnered unprecedented demand in the form of preorders. The phone, which is priced at $450, offers similar features to its predecessor, Saga, and presents significant opportunities for developers and users in the crypto space.
— SolanaFloor | Powered by Step Finance (@SolanaFloor) January 18, 2024
The demand for this new device has surpassed the sales of its predecessor, Saga, within the first 24 hours with Solana Mobile receiving over 25,000 preorders that surged to 30,000 by the 30-hour mark. These orders have already exceeded the sales of the Saga phone over the past 12 months.
This high demand can be attributed to the unique features of the Chapter 2 phone, which include a built-in crypto wallet, a Seed Vault, and a “dApp store” for decentralized crypto applications. It is also Android-based and has a similar design to the Saga phone.
The Solana Price Bulls Face A Temporary Setback
The Solana price has been rising gradually on an upward trend after a prolonged period of consolidation that gave the bulls a platform to send the prices high, reaching the resistance level at $126.10.
However, the bulls’ momentum was cut short at this point, allowing the bears to exert downward pressure in a subsequent retracement, forming a bullish pennant, which signifies a bullish trend continuation for the Solana price.
This downturn allows bulls to regroup and gear up for another upward push at the $83 support level coinciding with the 50-day simple moving average (SMA).
Solana’s price remains above the 50-day and 200-day Simple Moving Averages (SMA), with the SMAs indicating a cross at $22 and the 50 SMA acting as immediate support for the SOL price.
The Relative Strength Index (RSI) remains above the 50 midline level, signalling a potential rebound that could raise the RSI to overbought region 70.
The Solana Price Prediction
The presence of a bullish pennant has allowed the bulls to regroup for a bull rally to recuperate their losses and propel prices towards projected highs in 2024, targeting around $150.
However, if the bears sustain their drive, the price could approach the $87 threshold (marked support 3).
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