Solana’s price has skyrocketed 20% in the past two days despite the correction in the broader crypto market after Bitcoin crossed the USD 30,000 psychological level on Tuesday.
SOL price continues its upside on Wednesday with an 8% rally. The 24-hour low and high are $22.18 and $24.02, respectively. In fact, Solana’s trading volume is up 120% in the past 24 hours to pump past $1 billion.
Why Solana Price Pumps
Solana price breakout above the 11-month resistance trendline on Tuesday after Bitcoin crossed the $30,000 psychological level after 10 months. This bullish breakout could be an early sign of a trend reversal and the huge trading volume indicates positive investor sentiment.
With continuous buying, Solana price could rise 16% to reach resistance levels of $26.8 and $30.5. RSI has moved into bullish territory, indicating strong buying pressure in the market.
The launch of Solana Mobile on April 13 is also a major catalyst for the SOL price hike. The community has been actively awaiting the launch of the Saga Web3 smartphone since its announcement last year.
According to Solana Mobile will be Saga’s official launch event live at 5:00 PM UTC on April 13 on Twitter, YouTube, and Solana Mobile’s website. The product launch date was last announced on March 23.
Solana Mobile: details
Solana Mobile has open source full Saga product design files Saga Interface Control Document and Saga 3D Surfaces for anyone wanting to build their own physical accessories for Saga, for commercial or personal use.
Solana Mobile says the Saga phone will help people easily and securely transact in web3, trade tokens, mint NFTs, play on-chain, access dApps, and do other things. With its high throughput, developers can build various DeFi (decentralized finance) apps and non-fungible token (NFT) projects on the network.
As previously reported by CoinGape, the Solana Mobile Saga has a dApp Store, the Seed Vault wallet, the Solana Mobile Stack dApps build toolkit, and an Android build environment, Saga Pass, and other features. The leading Android development company OSOM has ensured that the Saga mobile has the best camera, storage, processor and other top-notch hardware experience.
Also Read: CFTC Bids Against SEC in New Crypto Fraud Case; Defines digital assets as commodities
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Solana price skyrockets 20% amid market correction, here’s why
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