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

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

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

Solana Cellular, a subsidiary of Solana Labs, introduced a big 40% value discount for its Saga smartphone, slashing the worth 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 group.

The official statement from the corporate means that the worth minimize is a strategic transfer to foster wider adoption of cell web3 and to boost the person expertise for the Solana cell group. Nonetheless, on-chain knowledge paints a barely totally different image.

In keeping with knowledge 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 beneath reveals 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 combined reactions on Twitter / X. Whereas some early adopters expressed their frustration at buying the machine at its unique value, others defended the transfer, stating the advantages of being an early chicken. Notably, early homeowners had the unique alternative to mint Claynosaurz NFTs, which at the moment have a ground value 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 reveals that SOL was capable of affirm the breakout from its downtrend channel on Monday after the worth discovered help at each the channel’s development line and the 200-day Exponential Shifting Common (EMA).

Because of this bullish affirmation, SOL broke above the 50% Fibonacci retracement stage at $23.94. For now, it appears like SOL can defend the extent and make a brand new run in 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 beneath the 61.8% Fibonacci stage and couldn’t maintain a day by day shut above it.

Given this context, the $27.42 value level emerges as probably the most pivotal resistance at the moment. Ought to a breakout happen, a transparent path to the yr’s excessive can 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 might goal the 1.618 Fibonacci extension stage at $56.86.

Featured picture from Disruption Banking, chart from TradingView.com

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