SOL Price Potential: Can Solana Match Its Mobile Phone’s 30,000 Pre-Orders in 30 Hours?

9 months ago 3

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Preorders for the second edition of the Solana mobile phone reached 30,000 after an announcement earlier this week. The number of preorders exceeded Solana’s sales goal for the first seven days, as it dropped the price of its new phone.

Within 24 hours after the announcement, Solana Mobile received 25,000 preorders. After 30 hours, the number of orders had increased by 5,000.

Will Second Solana Chapter 2 Phone Offer Value?

The second edition of the Solana phone is cheaper than the first at $450. The previous Solana Saga device retailed for $599. The new device could ship in the first half of 2025.

Read more: What Is Solana (SOL)?

The older Solana phone sales were initially lackluster but surged when BONK, a decentralized application (dApp) on Solana, announced it was airdropping tokens to owners. Sales went through the roof almost overnight. Soon, other dApps announced airdrops that increased the phone’s value.

But the new phone will follow a different economic model, says Raj Gokal, a co-founder of Solana. The project is being sponsored by Magic Eden, Solflare, and several other projects that offer users rewards.

Popular smartphone reviewer Marques Brownlee panned the first Solana phone for its lack of a value proposition for non-crypto users. And while the preorders for the second phone have been impressive, not everyone who preorders is guaranteed to receive a device, as refunds are possible.

Visa Favors Fast Solana Transactions

Activity on the Solana network has shown impressive growth, both on the development and the user fronts. Its 2023 ecosystem report revealed a healthy cohort of 2,500 developers last year, while Messari’s State of Solana report claimed an average of 40.7 million daily user transactions.

The network expects more validators, easier token-creation mechanisms, and increasing institutional support in 2024. Three validator types will launch in 2024, including a forked version of the Solana Labs client, built by Jito, a rewrite of a standard validator software by Syndica, and a light client called TinyDancer. Circle, the issuer of the USDC stablecoin, recently launched its euro-based stablecoin on Solana.

According to Visa, Solana’s parallel transaction processing eases congestion experienced on other blockchains. This facilitates greater transaction throughput and lower feeds, making it a good candidate for a settlement pilot.

Solana co-founder Anatoly Yakovenko developed networks at Qualcomm before founding Solana. Much of the innovation around parallel processing at Solana draws on concepts used in software development and electronics.

“I wanted to become an engineer and build big, ambitious projects. So, I studied computer science and spent over a decade building global networks at Qualcomm. A few years ago, I took the plunge as an entrepreneur myself and helped launch a project called Solana, a blockchain built for global accessibility.”

Solana (SOL) Price Analysis

The SOL price has fallen since reaching a high of $126 on December 25, 2023. According to the wave count, the decrease has taken an A-B-C corrective structure. By studying recurring long-term price patterns and investor psychology, technical analysts utilize the Elliott Wave theory to ascertain the trend’s direction.

If the count is correct, SOL is in the B wave of this downward movement, which has taken the shape of a symmetrical triangle. A breakdown from the triangle will confirm the C wave has started. Then, SOL can fall 20% to the closest support at $75.

Despite this bearish SOL price prediction, a breakout from the triangle will invalidate the bearish count and trigger a 23% increase to $115.

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