The Layer-1 blockchain Solana (SOL), seen as a powerful competitor to Ethereum (ETH), has once again risen with a price increase. Following the announcement that Saga phone stocks had sold out in the USA by Solana Mobile, the price of SOL increased by 6%, surpassing the $75 level.
Solana Mobile excitedly reported that Saga phone stocks had sold out in the USA. The company thanked everyone who contributed to this extraordinary journey and emphasized the strong interest shown in the smartphone. Though stocks were sold out in the USA, it was indicated that there were still stocks available for Europe.
In addition, Bonk (BONK), the largest Solana-based memecoin, delighted Saga phone owners with an increase of over 1100% in the last 30 days. When Solana’s smartphone was launched on May 8th, phone owners had won a completely free AirDrop worth 30 million BONK.
The recent increase in BONK’s value created an interesting arbitrage opportunity for the Saga phone. The value of the tokens distributed via AirDrop surpassed the $599 price of the Saga phone, reaching $877. This surprise arbitrage seems to have encouraged some cryptocurrency enthusiasts to purchase a Saga.
On the other hand, Anatoly Yakavenko, the co-founder of Solana, hinted earlier this month that the price of Saga could rise due to increasing demand for Bonk. Appearing on a podcast, Yakavenko admitted that there were some issues with Saga and explained that he used the device not as his primary mobile phone but as a personal “NFT phone”. He also hinted at the possibility of more Saga models being released to the market.
Since mid-October, Solana’s SOL has attracted all attention by increasing its value by more than 300% in the last two months. With today’s announcement, the altcoin price broke above the critical $75 resistance level. Market watchers and analysts argue that the short-term ultimate target level for SOL is $100 and that under current conditions, the rise of the altcoin is not yet over.
