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Solana announces a new smartphone purpose-built for crypto, how will this shape SOL?

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on Jun 24, 2022
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  • Solana announced the development of a new smartphone that is purpose-built for cryptocurrencies.
  • Solana’s value saw an increase of 6% in the span of the last 24 hours.
  • Throughout that same span of time, its trading volume spiked by 20%.

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Solana SOL/USD is a layer-1 blockchain network that supports builders on a global scale that aim to create decentralized applications (dApps) that can scale.

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SOL is the native cryptocurrency that provides a means of transferring value as well as blockchain security through the process of staking.

The smartphone announcement as a catalyst for growth

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On June 23, 2022, we saw an official announcement on Twitter for the Solana Smartphone.

However, the CEO of Solana Labs, Anatoly Yakovenko, made a real-world announcement in New York for the launch of a software development kit for Web3 programs called “Solana Mobile Stack (SMS).”

Alongside this, Anatoly Yakovenko announced a new crypto phone called the “Saga.”

Solana’s new smartphone will cost $1,000 and will be available for purchase next year. 

The phone’s flagship specifications will put it on par with some of the largest brands in the industry.

Specifically, the phone will feature the Snapdragon 8+ Gen 1 processor, as well as a 6.67″ OLED display, 12 GB of ram, and 512 GB of total storage. 

However, another main reason why the smartphone stands out is due to the fact that it will feature its own Web3 decentralized app store (dApps), alongside a mobile wallet called “Solana Pay,” which is specifically created to facilitate transactions through QR codes.

It will also feature a “seed vault” that can securely store the phone’s private keys. 

Solana Labs also began accepting $100 deposits from anyone that’s interested in the pre-sale. Those that are will get an NFT pass through an email when the time comes. 

Should you buy Solana (SOL)?

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On June 24, 2022, Solana (SOL) had a value of $38.58.

When we go over the all-time high of the cryptocurrency, Solana (SOL) on November 6, 2021, reached a value of $259.96.

However, when we look at the performance of the token throughout the previous month, Solana (SOL) experienced its highest point of value on May 5 at $94.3. Its lowest point was on May 12 at $41.04. 

Here, we can see a decrease of $53.26 or 56%. 

With this in mind, SOL is a solid buy as it can reach $70 by the end of July 2022.

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