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Solana On-Chain and Derivatives Data Highlight the Limitations of SOL’s Potential Price Breakout

Solana saw two positive developments this week with the launch of the Saga Android-based smartphone powered by Solana blockchain and the retail trading debut of Grayscale’s Solana Trust shares.

The developments along with bullishness in the broader market, boosted the price of SOL by 29.05% from April 11 to a monthly high of $26.03.

While the mobile launch positively boosts the Solana ecosystem, the Saga phone appears overpriced at over $1,000 apiece. Nevertheless, the smartphone received positive reviews in user experience and quality.

Independent cryptocurrency investor, Amy Wu, noted that “Saga-exclusive dApps, games, and rewards as the phone ships globally, which will also make it easier to justify the $1,000 premium price.” It remains to be seen how the Solana Foundation leads the marketing efforts for the phone against existing giants like Samsung and Apple.

(by Nivesh Rustgi)

Solana Solana $240.19
-3.26%
Solana Cryptocurrency
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