Solana’s SOL Surges 18% Amid Excitement for Upcoming Web3 Phones
The Influence of Solana Phones on the SOL Rise
The cryptocurrency Solana (SOL) has recorded an increase of 18% in the past week. A possible reason for this could be the interest in the upcoming Solana phones.
Anticipation for the new product
The announcement of the “Chapter 2” Web3 phone by Solana Mobile has caused a stir. Many users are eagerly awaiting the new device and have already placed pre-orders. According to the on-chain analysis firm Flipside, about 53.4K units were pre-ordered by February 13. This is nearly a month after Solana announced the successor to the Solana Saga phones. One user even bought almost 25 units and spent a total of $11,252 on the purchase.
The countdown is on
Solana Mobile announced that pre-orders for “Chapter 2” have reached 100K. This guarantees the production of the device. With this milestone, the early pre-order price of $450 also ended. The phones are expected to be delivered in the first half of 2025. Like its predecessor Solana Saga, “Chapter 2” is intended to make crypto products and services more accessible to the public.
Attention for SOL
The anticipation for the upcoming product could exert upward pressure on the SOL token. Despite the increase, however, the market sentiment towards the fifth-largest cryptocurrency was still negative at the time of publication. Furthermore, the coin did not generate enough social buzz, as shown by the muted Social Volume Indicator.
The value of SOL
The increase in spot prices led to an increase in investments from derivatives traders. The Open Interest (OI) in SOL futures was at an all-time high (ATH) of $1.7 billion at the time of publication. However, most new positions were betting on a price decline for SOL. The number of shorts compared to longs has increased in the last four days, indicating an impending reversal.
Sources: Flipside, CoinMarketCap, Santiment, Coinglass
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| Symbol | SOL |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
|
| Cons |
|
| Price | $223.22 |
| 24h % | -1.29 % |
| 7d % | -2.06 % |
| 30d % | 39.56 % |
| 60d % | 56.76 % |
| 1y % | 253.22 % |
| Market Cap | $106,061,930,968.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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