Last updated on April 23rd, 2024 at 10:09 am
Solana Labs, the creators of the Solana blockchain, is set to release its highly anticipated Saga Android mobile phone with built-in cryptocurrency capabilities on May 8. This release is expected to improve the accessibility of crypto products and services by making them available via mobile phones rather than the traditional method of accessing crypto platforms and applications via computers.
Despite the buzz surrounding the release of Saga, Solana’s native token, SOL, did not experience a significant price increase. SOL had reached a new high of around $25.22 per token earlier in the day but fell slightly to just above $25.1, a decrease of less than 1% for the day.
The Saga mobile device, already pre-ordered by several customers, has a high specification and costs around $1,000. It also functions as a hardware wallet, allowing users to store their cryptocurrencies securely.
The phone also comes with a black box containing the device, a USB-C charging cable, and a physical seed phrase paper card to record the recovery phrase (a sequence of random words required to access the crypto wallet). The phone runs Android 13 and has a 6.67-inch OLED display with 512 GB of storage. The setup process is similar to a standard Android experience, with the usual prompts to set up your account and internet connection.
SOL experienced a minor decline following a slight dip in BTC and ETH prices, both of which had reached multi-month highs above the $30,000 and $2,000 resistance levels earlier. However, major cryptocurrencies continue to perform strongly, with SOL still up over 14% for the month and BTC and ETH showing impressive recent gains.
Can SOL Hit $100 in 2023?
Resistance Levels and Breakthroughs
Solana’s major moving averages are currently in the $21-25 range, creating a cloud of resistance. However, the token has successfully broken through this barrier and established a new resistance level at $26-27. This breakthrough is significant and suggests that SOL has the potential to reach new heights.
Potential for Growth
Assuming SOL can exceed the current significant resistance zone within the $26-27 range, there is a high probability of attaining the $40 range, resulting in a noteworthy 60% increase from its current value. If Solana can surpass the resistance level at $40 in the upcoming months, this could lead to a swift surge toward $80, indicating a potential increase of over three times its current value.
Solana’s Robust Blockchain
Solana’s success isn’t limited to its SOL token. The blockchain’s daily revenues and active user numbers are both still strong. As the crypto bull market continues, there is a high likelihood that more users will join the network due to the increased demand for Decentralized Finance (DeFi) services. This increased demand will likely further drive the growth of SOL.
Crypto Bull Market Continues
Additionally, given the impressive 70–80% year-over-year gains that Bitcoin and Ethereum have experienced, most experts believe the crypto bull market will continue. However, the question remains whether Solana can reach new all-time highs beyond $100 in 2023.
Investor and Analyst Insights on SOL’s Potential to Reach $100 in 2023
Analytics Insights predicts a positive outlook for Solana in 2023, with a projected ROI of 61.9%. However, their technical analysis suggests that SOL’s minimum price by the end of the year will be $24.74, with an estimated average trading price of $25.51. This indicates that SOL still has some way to go before reaching the $100 milestone.
In October 2022, SOL was trading at $30, and Analytics Insights predicted that the minimum price for 2023 could potentially reach $50.98, with a top price of $67.26. The platform also forecasted that in 2025, SOL’s minimum price could be as high as $99.91, while its top price could reach $124.34. These predictions suggest that while SOL may not hit $100 in 2023, it has the potential for significant growth in the coming years.
Jerry Banfield Crypto, a popular YouTube channel, recently noted that Solana’s user numbers and wallet metrics have consistently trended downward for the past three months. While this could be a negative sign for SOL, the YouTuber suggested it could also be a positive one for Solana overall. During an interview with fellow YouTuber Joe Parys, Parys opined that Solana has a long way to go before reaching its all-time highs, a possible feat depending on its adoption rate.
On the other hand, Wallet Investor’s forecast does not recommend SOL for long-term investments of more than one year, suggesting that it may not be a profitable option for those seeking high returns in the cryptocurrency market. The platform also predicts Solana will unlikely reach the $100 mark within the year.
Digital Coin Price predicts a 234.20% rise in SOL’s value by the end of 2025, reaching $90.87. While this suggests that SOL is unlikely to reach $100 in 2023, it does indicate a potential for significant growth in the coming years.
Gov Capital’s data indicates that SOL’s price has been on a downward trend for the past year or since its inception. They forecast that SOL’s price will continue to decline, estimating it to reach $112.876 (359.672%) by April 2024, based on their prediction system.
While SOL’s potential for growth in the coming years is evident, it is unlikely to reach the $100 mark in 2023. The various perspectives shared by investors and analysts suggest that SOL still has some way to go before reaching its all-time high. However, the success of the Saga mobile phone could contribute to any potential advancements.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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