Solana cuts price of its of crypto smartphone by 40%

In a surprising move, Solana Mobile, the subsidiary of Solana Labs, has announced a substantial 40% price cut for its flagship product, the Solana Saga phone, which is one of the first crypto-connected smartphones.

Timeline of Solana

The price of Solana (SOL) has fluctuated a lot in the past week, like many other cryptocurrencies in the market. SOL is currently trading above $24, gaining 8.01% in its price in the past 7 days with over $376 million in trading volume in the past 24 hours.

Benjamin Cowen, a prominent figure in the cryptocurrency space with over 780,000 followers on YouTube, has offered insights into the potential trajectory of Solana ($SOL), drawing parallels with Cardano's ($ADA) historical performance and suggesting a turnaround could be on the horizon. Identifying Patterns: Cowen delved into historical data, pinpointing a pattern in Solana's price movement.

The price of Solana's Web3 smartphone, Saga, has been slashed by 40% in an attempt to boost adoption. The price of the cutting-edge smartphone was lowered from the initial $1,000 to $599.

Solana Price Analysis: Amid the rising FUD in the crypto market, the ninth-largest cryptocurrency Solana is hovering at about $22.4 support. In the last three weeks, the SOL price has bounced twice from the aforementioned support indicating the active accumulation from market participation.

Solana (SOL) is on a bullish run today as it joins the altcoin resurgence on the market. At the time of writing, the coin is up by 7.2% over the past 24 hours to $24.79, and in the past week, the coin has printed a total growth of 16%.

Solana (SOL) has recently been bullish, outperforming many other major cryptocurrencies. The network's scalability, boasting speeds of up to 65,000 transactions per second, has positioned it as a contender.

A closely followed analyst believes that the native token of the crypto project co-created by ChatGPT founder Sam Altman looks poised for a severe correction. Pseudonymous analyst Altcoin Sherpa tells his 196,400 X followers that he's bearish on Worldcoin (WLD), an artificial intelligence-based crypto project that uses iris-scanning technology.

Chainlink surged by nearly 4% during Tuesday's session, as the token moved towards a one-week high. The move came as cryptocurrencies rebounded, following a slow start to the week. Solana was another big mover, as it headed towards the $24.00 level.

Following its peak for the year at $32.13 on July 14, Solana (SOL) ‘s value has steadily decreased. This decrease has solidified the $27 horizontal range as the main resistance area.

In an unexpected move that has sent ripples through the crypto industry, major exchange Bitstamp has unveiled a sweeping adjustment to its offerings, primarily affecting its U.S.-based customers.