SOL, the native token of Solana, has seen double digit gains in the past 24 hours as bulls turn up ahead of the highly anticipated Solana Mobile Saga launch.
On Tuesday, as Bitcoin price broke above $30,000 for the first time in 10 months, Solana matched the upside pressure with an upswing of its own. SOL traded to highs of $23.74, up by over 14% at the time of writing as excitement around the April 13 event grows.
Solana price could have a big catalyst in Saga mobile launch
The Saga event, which will be livestreamed from San Francisco on the Solana Mobile website, is likely to be a major price catalyst before and after. Solana Mobile announced Saga last June and the launch date on March 23 this year.
A keynote address from Solana Labs CEO Anatoly Yakovenko will be the highlight of the day, with the community getting more insight into the Web3-friendly mobile.
However, even as the Android-powered phone brings the Web3 to users pockets – offering seamless access to crypto trading, minting of NFTs, on-chain gaming and dApps, SOL holders will also have one eye on the market.
SOL price short term outlook
As can be seen on the daily chart below, SOL has broken above the upper trendline of a descending parallel channel pattern.
Solana price chart showing SOL breakout above descending channel. Source: TradingView
A bullish outlook for the token suggests a potential short term breakout if bulls hold above the channel’s upper trendline.
Crypto analyst says SOL/USD needs to make a move for the 200-day EMA to increases chances of a further upside. The area the analyst highlights currently presents an immediate supply wall near $26.
However, a successful breakout and retest could see buyers aim for $40. The daily RSI outlook suggests bulls could see another leg up from current levels.
On the downside, the 50-day EMA provides support around $21, which has been a robust demand zone since mid-March. Bulls will hope the Saga mobile launch won’t present as a sell-the-news event.
If it does, a decline to the area around $16 could threaten further losses for SOL.
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