Solana (SOL) rallied by 11.9% on Thursday, reversing a 6.3% decline from Wednesday.
News of the planned launch of a Web3 smartphone for Q12023 contributed to the breakout session.
Technical indicators are bullish, with SOL sitting above the 100-day EMA.
On Thursday, Solana (SOL) rallied by 11.9%. Reversing a 6.3% decline from Wednesday, SOL ended the day at $38.13.
Bullish through the day, SOL rallied from an early low of $33.89 to a late high of $38.57.
SOL broke through the First Major Resistance Level at $36.07 and the Second Major Resistance Level at $38.07.
The breakout session marked the sixth gain in seven sessions.
Network news updates supported the latest breakout to bring $40 levels back into play for the first time since June 10.
Solana Labs Announces Launch of Android Phone SAGA
This week, Solana Labs subsidiary Solana Mobile announced the launch of Saga, the Solana network’s first android mobile phone, saying,
“Solana Mobile, a subsidiary of Solana Labs, introduced Saga, a flagship Android mobile phone with unique functionality and features tightly integrated with the Solana blockchain, making it easy and secure to transact in web3 and manage digital assets, such as tokens and NFTs.”
Solana co-founder, Anatoly Yakovenko, said,
“Almost 7 billion people use smartphones around the world and more than 100 million people hold digital assets – and both of these numbers will continue to grow.”
“Saga sets a new standard for the web3 experience on mobile.”
Solana introduced Saga in New York, with pre-ordered deliveries due in early 2023.
Raj Gokal, the co-founder of Solana, said,
“We chose the Saga name because the story of crypto is still being written.”
“This is the next chapter of this narrative and we believe opening up crypto to mobile will lead to greater adoption, better understanding, and more opportunities.”
Solana (SOL) Price Action
At the time of writing, SOL was up 5.32% to $40.16.
A bullish morning saw SOL rally from an early low of $37.65 to a high of $40.34.
SOL broke through the First Major Resistance Level at $39.85 to visit $40 for the first time since June 10.
SOL will need to avoid the First Major Resistance Level and the $36.87 pivot to retarget the Second Major Resistance Level at $41.53.
A broad-based crypto rally would support a move back through the morning high of $40.34.
In the event of an extended rally, the bulls could target resistance at $45. The Third Major Resistance Level sits at $46.22.
A fall through the First Major Resistance Level and the pivot would bring the First Major Support Level at $35.17 into play. Barring a bearish afternoon session, SOL should steer well clear of sub-$35. The Second Major Support Level sits at $32.19.
The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. SOL sat above the 100-day EMA, currently at $35.63. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA, both bullish signals.
A move through the 200-day EMA would bring $45 into play.
This article was originally posted on FX Empire