Solana is down by 2 per cent in today’s trading session. The drop comes just one day after another strong bearish session, resulting in a 6 per cent price drop.
Despite the latest aggressive bearish trend, Solana is making moves in the mobile phone industry. Recent reports indicate they will be launching a new crypto phone called Saga. The cryptocurrency phone, which has been developed by a team of former engineers and designers from Essential, is expected to hit the market in the first quarter of 2023.
The announcement also indicates that the smartphone will come with top-of-the-shelf specs such as a 6.67-inch 120Hz OLED display, 12 GB of RAM, and 512 GB of storage. The smartphone will also have the latest and most powerful Qualcomm’s latest Snapdragon 8 Plus Gen 1 chip, which will be outfitted with a 50-megapixel ultra-wide shooter.
The Saga smartphone will retail for $1,000. Users can start making their orders now by depositing $100, and the shipment will start in the first quarter of 2023.
Solana’s partnership and entrance into the phone industry is likely to be a game-changer for Solana. Not only is it a multi-billion dollar industry, but a honeypot of potential new Solana users. Though details are still scarce, the partnership is likely to translate to the markets and see Solana continue to grow.
Today’s Solana drop of 2 per cent is a resumption of a long-term bearish trend that resulted in a loss of 15 per cent in the month of June. However, unlike the previous few weeks, the drop may also be a price correction after the crypto staged a 7-day rally that saw prices rise by 50 per cent.
However, looking at the current price action with the larger context in mind forms a clear picture of a resumption of the bear trend. For instance, the chart below shows prices have recently hit a resistance level of $43.3 and failed to break to the upside. Therefore, the current bear move will likely continue, and we will see the prices hit the $26 support level again.
However, my bearish Solana analysis will be invalidated if prices trade above the $43 resistance level. At that point, it will be clear that the prices are in a bull trend.
This post was last modified on Jun 27, 2022, 17:11 BST 17:11