- Solana has made a strong recovery. With the latest update, the price of Solana (SOL) surged by 8%, reaching $78.98 and a market capitalization of $33.4 billion.
- This achievement represents a significant milestone for Solana Mobile, showcasing strong demand and positive responses from users.
- Solana’s meme coin, Bonk (BONK), has experienced an extraordinary increase of over 1,100% in the past month, triggering a series of events among crypto enthusiasts.
The announcement from Solana Mobile today has excited the community: Will the SOL token price continue to rise?
Solana Mobile Announcement Boosts Positivity in the Community
Solana has made a strong recovery. With the latest update, the price of Solana (SOL) surged by 8%, reaching $78.98 and a market capitalization of $33.4 billion. In an exciting development, Solana Mobile announced that Saga phones are completely sold out in the United States. The company thanked everyone contributing to this extraordinary journey and emphasized the overwhelming support received.
Although Saga phones have reached their limit in the U.S., Solana Mobile assured European audiences that there are still a few units available for purchase. This success represents a significant milestone for Solana Mobile, showcasing strong demand and positive responses from users.
Solana’s meme coin, Bonk (BONK), has experienced an extraordinary increase of over 1,100% in the past month, triggering a series of events among crypto enthusiasts. Since the launch of the Solana phone on May 8, owners had the right to benefit from the free 30 million BONK airdrop.
The recent surge in the value of BONK has created an interesting arbitrage opportunity, with the airdrop now having a value exceeding $877, higher than the current price of the phone, which is $599. This unexpected arbitrage phenomenon adds a unique twist to the volatile world of meme coins.
Solana’s co-founder Anatoly Yakavenko suggested a price increase for the Solana Saga phone due to the high demand for Bonk. Earlier this month in a podcast, Yakovenko acknowledged that Saga was struggling in the market and revealed that he uses the device not as the main mobile device but as an “NFT phone.” He also discussed launching more Saga phone models.
Will SOL Price Continue Its Rise?
Solana (SOL) price has been on a mega rally since mid-October, gaining almost 300% in the last two months. In today’s rally, the SOL price broke above the critical resistance of $75. The main hurdle is near $77.75, and a successful close above it could trigger a significant uptrend for SOL. Substantial resistance then lies around $80; a breakthrough could push SOL’s value up to $85.
Interestingly, if this happens, Solana could potentially surpass XRP as the fifth-largest cryptocurrency by market capitalization. Currently, Solana ranks sixth in the crypto market, trailing XRP closely with a market cap of approximately $33.57 billion compared to XRP’s $34.20 billion.
