SOL price increased double digits, jumping 14% and breading out of a descending parallel channel, as the upcoming mobile release of Solana Saga generates interest. It traded to highs of $23.74 on Tuesday, with SOL reflecting massive gains for Bitcoin.
The native Solana token has seen double-digit gains in the last 24 hours, as bulls appear ahead of the highly anticipated launch of Solana Mobile Saga.
On Tuesday, as the price of Bitcoin topped $30,000 for the first time in 10 months, Solana matched the bullish pressure with his own rally. SOL traded at highs of $23.74, up more than 14%, as excitement builds around the April 13 event.
Solana Price Could Have Big Catalyst On Saga Mobile Launch
The Saga event, scheduled to be broadcast live from San Francisco on Solana Mobile’s website, is likely to be a major price catalyst before and after. Solana Mobile announced Saga last June and the release date is on March 23 of this year.
On March 23, Solana Mobile tweeted the following:
“Everyone has a story. What will yours be? Start your Saga on 4.13.2023. Solana Mobile Saga Launch Event. Thursday, 4.13.2023, 10 am Pacific Time. Stay tuned for live streaming info.”
A keynote address from Solana Labs CEO Anatoly Yakovenko will be the highlight of the day, and the community will learn more about the Web3-enabled mobile.
However, even as the Android phone brings Web3 into users’ pockets, offering seamless access to cryptocurrency trading, NFT minting, on-chain gaming, and dApps, SOL holders will also have an eye on the market.
SOL Price Short-Term Outlook
According to the most recent analysis, SOL has breached the upper trend line of a descending parallel channel pattern. Crypto analyst @AltcoinSherpa says that SOL/USD needs to make a move for the 200-day EMA to increase the chances of a bigger upside. The area that the analyst highlights currently has an immediate supply wall close to $26.
However, a successful breakout and retest could see buyers target $40. The daily outlook for the RSI suggests that the bulls could see another lift from the current levels.
In a tweet, the analyst comments on the following:
“I think something like this is going to happen. Move up to the 200d EMA and then consolidate a bit more and then we see a stronger move up. Overall, this has bottomed in the midterm IMO.”
On the downside, the 50-day EMA provides support around $21, which has been a strong demand zone since mid-March. Bulls will hope that Saga’s mobile launch isn’t presented as a news-selling event. If it does, a drop in the area of around $16 could threaten more losses for SOL.
As published on the CryptoPredictions website, Solana started in April 2023 at $21,205 and is expected to end the month at $24,904. During April, the expected maximum price of SOL is $28,907 and the minimum is $19,657.
The SOL price for today (12.04.2023) is forecast to be in the price range of $20,019 – $29,440. Solana’s price is expected to end today at $23,552.
By Audy Castaneda
