Solana (SOL) is showing signs of renewed strength, stabilizing around the $170 mark following a 7% rebound over two days. This positive momentum is being bolstered by a significant development in the Solana ecosystem: the global distribution of its second-generation mobile device, the Seeker.
Seeker Phone Distribution Sparks Ecosystem Growth
On Monday, Solana Mobile announced on X (formerly Twitter) that it has begun shipping its Seeker mobile gadget to over 50 countries. The company, which has already received more than 150,000 pre-orders for the device, stated, "We’re sending tens of thousands of devices to 50+ countries around the world, so sit tight as your order makes its way through over the coming weeks."
The Seeker phone is a key component of Solana's strategy to expand its reach and drive wider adoption. It is designed to be a "Web3 mobile device," featuring updated technology, a mobile-native crypto wallet, and a decentralized app store. Unlike traditional app stores, a decentralized app store operates on a peer-to-peer network, giving developers more freedom and users more control over their data and transactions. This initiative is expected to attract more users to the Solana network and increase on-chain activity.
Derivatives Data Points to a Bullish Shift
The market sentiment for Solana has also shifted from bearish to bullish, according to recent derivatives data. The OI-Weighted Funding Rate, a metric that indicates the confidence of traders in a crypto's price, has turned positive. A positive funding rate, which is currently at 0.0006%, means that traders with long positions (betting on a price increase) are paying traders with short positions (betting on a price decrease). Historically, positive funding rates have often preceded a rally in Solana's price.
This change in sentiment suggests that traders are becoming more confident in SOL's near-term outlook, which could contribute to a sustained recovery.
Solana Price Forecast: A Critical Juncture
After a 13.44% drop last week, Solana found strong support around its 200-day Exponential Moving Average (EMA) and the 61.8% Fibonacci retracement line, both located around the $163 mark. This zone proved to be a critical support level, allowing SOL to rebound and stabilize above $170.
Key price levels to watch:
Resistance: $184.13
Support: $162.75 (200-day EMA and 61.8% Fibonacci retracement)
Next support: $150.39 (50% price retracement)
If SOL can maintain its current upward trajectory and hold the $162.75 support level, it could extend its rally toward the daily resistance at $184.13. However, a correction below this key support zone could see the price drop to the next support level at $150.39.
The combination of the Seeker mobile gadget rollout and the bullish shift in derivatives data presents a strong case for a potential rally in Solana. As the ecosystem expands and trader confidence grows, the stage may be set for SOL to reclaim previous highs and test new resistance levels.
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