Solana (SOL) is making waves in both the blockchain and smartphone industries. As of writing SOL is trading at $137.19 marking a 1.96% increase in the last 24 hours. SOL records a market cap of $63.4 billion and a trading volume of $2.3 billion representing a 32.71% drop in the last 24 hours.
In a notable market movement $5.82 million in short positions were liquidated as SOL briefly touched $140 before experiencing a slight pullback. This price action highlights the token's volatility and the ongoing interest from traders.
Solana Mobile which is a division of the Solana ecosystem has captured attention with its upcoming second smartphone dubbed "Chapter 2." The pre-order campaign for this device has gained remarkable traction with over 140,000 individuals now holding pre-order tokens. This innovative approach to smartphone sales has generated substantial call in both the tech and crypto communities.
While specific details about Chapter 2's features and release date remain under wraps the strong pre-order numbers suggest high consumer interest. This unique pre-order token strategy not only secures potential sales but also allows Solana Mobile to gauge market demand effectively.
On development show the Solana Foundation has introduced two new tools aimed at simplifying blockchain interactions. Solana Actions and blockchain links (blinks) are designed to make onchain transactions more accessible across various digital platforms. These tools enable users to perform tasks such as buying NFTs, tipping creators and staking assets without leaving their current applications or websites.
Solana Actions allows developers to integrate blockchain functionalities directly into their apps while blinks turn any Action into a shareable link. This innovation permits any URL-displaying website to initiate Solana transactions potentially broadening the reach of decentralized applications.
Looking at technicals, the SOL price action has been noteworthy with recent movements forming a double-top pattern. The price found support at the neckline of this pattern closing bullish the last two consecutive days. This is the third time facing rejection at the support level. Can this suggest a potential strong pullback?
From its May 21st high of $188 SOL has experienced a 35% drop before finding support two days ago. This decline broke down from a wide bullish pennant on June 18th coinciding with broader crypto market selling momentum. Currently SOL is trading towards the broken bullish pennant support zone which has now turned into resistance.
The daily Relative Strength Index (RSI) stands at 41 having gained from an oversold reading of 29 two days ago. This indicates growing bullish momentum. The weekly RSI reads 51 which is a neutral level that shows enough room for recovery before reaching overbought conditions.
The Moving Average Convergence Divergence (MACD) indicator bullish crossover looks likely to happen potentially signaling a positive shift in market outlook.
These technical indicators combined with the recent price action show a complex picture for SOL. The recovery from oversold conditions on the daily RSI suggests short-term bullish potential while the neutral weekly RSI indicates a balanced medium-term outlook. The potential MACD bullish crossover could provide additional support for upward movement.