Solana (SOL) Price Jumps 5% As Founder Talks of Launching More Saga Phone Models
Ethereum Layer-1 competitor Solana (SOL) has been showing some price volatility this week oscillating in the range of $60-$65. After a 7% dip earlier on Tuesday, the Solana (SOL) price has recouped the losses and is currently up by 6.5% trading at $64.28 levels.
Solana Co-Founder Talks About the Astounding Recovery and Saga Phone
In his recent podcast episode with Unchained, Solana Labs co-founder Anatoly Yakovenko delves into the repercussions of FTX’s collapse, shares his initial impressions of Sam Bankman-Fried, reflects on the SEC’s classification of SOL as a security, discusses the growing trend of entrepreneurs leaving the U.S. due to regulatory risks, examines SOL’s position in the stablecoin market, and expresses his belief in the inevitability of finance transitioning to platforms like Solana.
In response to inquiries about the SEC’s classification of SOL as a security, Anatoly clarified that the accusation did not implicate any misconduct by Solana Labs, the foundation, or himself. Instead, the focus was directly on the exchange. Currently, he suggests there is limited action that can be taken, emphasizing a need to wait for a potential resolution, indicating that Congress might play a role in untangling the situation.
Furthermore, Yakovenko revealed to Unchained that the Salana Saga phone has currently sold only 2,200 units. To establish a robust user base, Yakovenko emphasized the need for higher sales, ideally ranging between 25,000 to 50,000 units. He mentioned ongoing discussions within the company and hinted at potential initiatives such as launching new models, improving applications, and introducing store discounts, among other strategies.
SOL Price Projection for December 2023
Analyzing the initial price movements in 2023, crypto experts foresee an average SOL rate of $67.26 by the end of December 2023. Projections indicate a potential price range with a minimum of $60.63 and a maximum of $73.88 for SOL during this period.
The outlook for mid-December suggests a bullish phase for SOL, with analysts anticipating a surge in the range of 7-11%. Notably, on December 15, SOL will likely be trading at $67.88. The days surrounding this date are also likely to witness SOL maintaining its position within the same trading range.
With a solid support level at $60 and a persistent buy signal from the Moving Average Convergence Divergence (MACD), Solana is gearing for an upward trajectory. As a result, traders shall prepare for an increase in exposure to SOL.
Investors should also be prudent considering the possibility that Solana might need to explore lower levels to acquire fresh liquidity, providing support for the upcoming breakout. The 50 Exponential Moving Average (EMA) in red, positioned at $58.41, is likely to absorb any selling pressure during this process.
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- XRP, SHIB, HBAR Among 15 to Get Faster Crypto ETF Approval Under SEC’s New Rule
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
