Solana

Solana Digest: Price predictions as Solana Saga phone launches

Updated: Jul 30, 2024

Published: Apr 22, 2023

Kicking off with Solana DeFi, the total value locked (TVL) has dipped recently after a late-March spike. No worries, though—the TVL remains much higher than at the year's start. This positive trend suggests a growing trust in Solana DeFi, a confidence boost we haven't seen since FTX's 2022 collapse.

TLDR 📃

Solana's new Web3 phone, the Saga, is here! No, it won't take SOL to $100...
Sure, $100 is far but $43 could be just around the corner! Check out our new "Single Glance" chart style.
Activity and capital are fleeing from Solana, stay vigilant!
MonkeDAO acquired the IP rights to their Solana Monkey Business (SMB) NFT collection. Big step for their holders!
AI trading is now live on Solana with NeoSwap.

Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your responsibility and yours only.

Solana Overview 🔭

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Transactions have also decreased a tad lately, but it's all good. This is likely due to the overall market cooldown, with DeFi activity slowing as BTC struggles to surpass $30,000. No need for alarm, just part of the crypto rollercoaster!

SOL's price action 📈

We're testing a new chart style to speed up your analysis comprehension! Say goodbye to lengthy lines—just a quick glance will do.

Share your thoughts in the comments below!

[caption id="attachment_271213" align="aligncenter" width="1187"] mobileshow wp-image-271213 size-full SOL/USD Chart[/caption]

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Key Developments 🔑

Solana Monkey Business NFT intellectual property has been acquired by its DAO. SMB is probably the most prominent NFT collection on Solana. The MonkeDAO has acquired the IP rights for $2 million from Hadeswap. A long-standing problem has finally been solved! Holders are now in full control.
The Solana Foundation is launching convertible grants and investments. Funded projects can finally receive continued support when hitting milestones. This is a smart move, it aligns incentives really well! Winners will be boosted and losers will be shut down, as they should be.

Hot Narratives 🎬

Solana Saga

Reliving the day we revealed Saga to the world
Saga devices start shipping tomorrow 4.20! 🎉 pic.twitter.com/rdtDyVkryM

— Solana Mobile 🌱 (@solanamobile) April 19, 2023

Introducing the Saga, Solana's new Web3-capable smartphone! This Android-based device boasts a 50MP camera, fingerprint scanner, 6.67-inch HD+ screen, and a built-in Solana seed vault. Users can sign transactions with a fingerprint and access Solana dApps directly on their phone.

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Ideal for Solana enthusiasts, the Saga bridges Web2 and Web3 seamlessly. Though its $1,000 price tag might deter some, die-hard blockchain fans will appreciate the escape from Apple and Google's 30% apps "tax." For mainstream usage though, the Saga smartphone isn't here to rival Apple or Samsung—it's all about embedding crypto functions, like a wallet, right into the device.

If it gains a significant user base, tech giants will have to adapt. But let's be clear: Saga won't singlehandedly send SOL soaring to $100+.

Helium Migrates to Solana

Helium's Wi-Fi connectivity protocol has made a bold move by migrating to Solana, ditching their Layer 1 infrastructure for greater efficiency, user attraction, and cost savings. Solana's reliability, speed, and developer community give it an edge.

The Helium Network migration to @solana is complete! 🎉 🎈
This is an incredible milestone for the global Helium community and ushers in a new era for a highly scalable and resilient Helium Network along with a new world of utility on Solana.https://t.co/Ip8bVmKeLJ pic.twitter.com/SR5eMbchsS

— Helium🎈 (@helium) April 19, 2023

Helium's next step? Introducing the IOT token, earned through staking rewards and redeemable for HNT (which is still used for transaction fees on the now Solana-based Helium network).

Other News 📰

Cryptonary’s Take 🧠

We don’t expect the Saga smartphone to be a hit, but it is a step in the right direction. Solana’s crypto-native smartphone is a real effort to push Web3 to the masses. One of the pain points for DeFi has been user experience. It’s difficult to use wallets, understand protocols, and figure out which websites and portals are legit.

We know that most people use smartphones when accessing Cryptonary content. The same is true for DeFi and other decentralised apps. Streamlining mobile access is a key to attracting mainstream attention. We would like to see more projects, protocols, and developers accept the Saga as a challenge and an inspiration to get Web3 and blockchain technology into users’ hands.

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