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Solana (SOL), recognized as the most powerful Layer-1 competitor to Ethereum (ETH), has once again ascended. Following the announcement that Solana Mobile’s Saga phone stocks were sold out in the USA, the price of SOL increased by 6%, surpassing the $75 level.
US Saga Stocks Sold Out
Solana Mobile announced with excitement that the stock of the Saga phone in the US had sold out. The company thanked everyone who contributed to this extraordinary journey and pointed out the high interest shown in the smartphone. Even though the Saga phone stocks are depleted in the US, Solana Mobile assured that there are still stocks available for Europe. This success marks an important milestone for Solana Mobile and shows the strong demand and positive response from users.
Furthermore, the largest Solana-based memecoin, Bonk (BONK), has made the owners of Saga phones smile with an extraordinary increase of over 1100% in the last 30 days. Since the launch of Solana’s smartphone on May 8th, phone owners had earned the right to a completely free AirDrop worth 30 million BONK.
The recent increase in BONK’s value has created an interesting arbitrage opportunity for the Saga phone; the value of the tokens distributed through the AirDrop reached $877, surpassing the Saga phone’s price of $599. This surprise arbitrage appears to have pushed some cryptocurrency enthusiasts towards purchasing a Saga.
On the other hand, Solana’s co-founder Anatoly Yakavenko, signaled earlier this month that the price of Saga could increase due to the rising demand for Bonk. As a guest on a podcast, Yakavenko admitted that there were some issues with Saga and clarified that he uses the device not as his primary mobile phone but as a personal “NFT phone.” He also hinted that more Saga models might be launched.
SOL Breaks Through Critical Resistance
Since mid-October, Solana’s SOL has captured all the attention with its rise, increasing its value by over 300% in the last two months. Today’s announcement for Saga triggered a rise in the altcoin’s price, pushing it above the critical $75 resistance level.
Some market observers and analysts suggest that the ultimate short-term target level for SOL is $100 and that under current conditions, the rise of the altcoin is far from over.
