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.

Source