Solana Mobile is reportedly gearing up to release a second smartphone following the unexpected success of its first crypto-based phone. The upcoming device is expected to retain key features of its predecessor, the Saga, including an integrated cryptocurrency wallet, custom Android software, and a decentralized app store for crypto applications.
The new Solana smartphone is anticipated to be more affordable than the Saga Mobile 1.0, which had to undergo a price reduction from its initial $1000 launch price due to lower-than-expected sales.
With the new phone’s release, Solana aims to meet the increased demand for the scarcely available Saga phone in secondary markets, where a factory-sealed unit is currently fetching $3200 on eBay, marking a fivefold price increase over the past five weeks.
Originally positioned as an experimental phone targeting crypto investors and NFT collectors, Saga struggled to find a substantial market. However, dynamics shifted dramatically when users realized the phone offered a Bonk (BOKN) token AirDrop exceeding the cost of the phone, leading to a sell-out of Saga stocks in the US within a week.
Following the stock depletion, Saga owners continued to profit from various highly valuable token and NFT AirDrops over the subsequent month. These AirDrops not only strengthened the Saga community but also inspired more Solana developers to create mobile applications. Despite this activity, Solana’s SOL token has been hovering around $100 for nearly a month, currently trading at $95.77 with a market cap of $41.4 billion. The current selling pressure is being quickly absorbed by investors, indicating potential for a bullish pattern formation, with the possibility of SOL’s price rallying again, potentially surpassing the $100 threshold and aiming for higher targets.