Over the past 24 hours, the SOL price has seen a substantial 8.99% uptick bolstered by the announcement of their upcoming Seeker smartphone, cited to be “the definitive web3 mobile device.”
Today’s growth pushes Solana further into its recent streak, peaking at a 14% gain since last Friday, positioning it among the top-performing altcoins over this period.
Indeed, with this news trader interest in Solana continues to rise. The altcoin’s trading volume is up 10.56% to $3.29 billion over the past 24 hours.
Seeker Mobile: The Smartphone “Taking Crypto Mobile”
Solana Mobile, the Labs division behind the hardware, unveiled its new Android handheld, “Seeker,” at Token 2049 in Singapore.
With over 140,000 preorders, Seeker represents a significant leap forward for Web3 mobile technology.
Seeker’s main selling point is its potential to provide users with a wide range of crypto-integrated experiences. “We founded Solana Mobile with the mission of taking crypto mobile,” said Solana Co-Founder and Solana Labs CEO Anatoly Yakovenko. He added:
To achieve that, we needed to make Seeker more accessible, more affordable, and for its hardware and software to be even more deeply integrated for Web3.
This strategic move places Solana as a first mover in an industry forecasted to be worth $177.58 billion by 2033, according to Markets.us data. Something that could boost adoption within the Solana ecosystem, recognizing the real-world applications of Web3 technology.
The importance of this was underscored by VanEck executive Matthew Sigel, who cited cryptocurrencies with the “best chance at mass adoption” as a key factor in shaping the market long-term, mentioning Solana particularly.
SOL Price Analysis: Can Seeker Push Solana to $1000?
Upon closer inspection, this news seems to bolster fundamental and technical indicators that reinforce a positive outlook for Solana long-term.
SOL / USDT 1W chart, cup and handle pattern. Source: TradingView.Most significantly, the formation of a cup and handle pattern since late 2021 favors a bullish continuation of Solana’s long-term price appreciation, representing a temporary pause in a prevailing uptrend.
Currently, Solana remains bound within the channel forming the handle, consolidating before its next move, under the weight of the current uncertain market sentiment.
This week’s boost has seen the Relative Strength Index (RSI) breach into positive territory, standing just above neutral. However, the asset still wanes under substantial selling pressure presented by a -0.037 Chaikin Money Flow (CMF).
As the MACD line changes its trajectory, converging towards the Signal line, a continuation of this week’s buying pressure could see the bulls take over in a crossover and lead the next move.
However, a breakout seems much more credible as we approach what is expected to be a monumental catalyst: the US presidential election.
The incoming candidate is expected to shift away from the Biden administration’s criticized stance on cryptocurrency regulation.
This change could create a more favorable environment for the asset class. Importantly, it could reignite hopes for a US Spot Solana Exchange-Traded Fund (ETF), another potential catalyst.
Upon a breakout of this pattern, eyes will be set on new all-time highs with a price target of up to $400.
With mass adoption and other fundamental catalysts stacking in its favor, the SOL price could go much higher, reaching up to $1,000 in 2025.
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The post Solana Unveils Seeker Mobile, Boosting SOL Price by 14% – How Quickly Can SOL Reach $1,000? appeared first on Cryptonews.
