Will Solana’s new Seeker mobile push SOL back to $200?

• Solana is dropping details on a second mobile device called the Seeker after strong demand for its first flagship phone, the Saga.
• Competitor Ethereum first launched the phone in January and received more than 140,000 pre-orders.
• Emmett Hollyer, managing director at Solana Labs, said Seeker will be a “reward magnet” for users.
• Solana rises to $140 on Thursday, $200 target.

Solana Lab’s second phone, the Seeker, is set to launch in 2025. At Token2049, a global crypto conference, Solana CEO Emmett Hollyer said the new mobile will be a “reward magnet” for its users. This means buyers can expect rewards like airdrops or exclusive offers for decentralized applications (dApps) running on the phone.

Solana (SOL) price performance so far this year has been largely driven by on-chain meme coin token launches, according to a report from CoinGecko. In that regard, Hollyer said Seeker wouldn’t just be a “meme coin phone.”

The release of Solana’s first phone, called Saga, on May 8, 2023, pushed the price of SOL up 55% in two months. If the pattern repeats itself, Seeker’s release could act as a catalyst for gains in Solana.

Solana releases branding, the first look of the new Seeker phone

Solana owners are waiting for the full list of hardware specifications for the second mobile device from Solana Labs. During the Token2049 event, the team shared the branding and first look of the Seeker, a mobile that is more than just a “meme coin phone” and “provides rewards” to all buyers.

Seeker has received 140,000 pre-orders since its announcement in January.

The news of the second mobile device is key for Solana, as the launch of Saga Mobile in 2023 acted as a catalyst for the asset. The mobile phone was launched on May 8, 2023, and within two months, SOL increased by almost 55% to reach a high of $32.13 on July 14, 2023. The increase in demand was largely driven by the rewards offered Saga users, including exclusive decentralized applications. (dApps) and meme coin airdrops.

Where is the price of Solana headed?

Solana was traded in intervals of several months. The daily SOL/USDT price chart shows that SOL is stuck between the March 18 high of $210.18 and the August 5 low of $110.

The SOL/USDT daily chart shows that the price action could have a W pattern formation in the same time frame, which can be interpreted as a double bottom formation. This is considered a bullish technical pattern that could signal a reversal in an asset’s price trend.

In a positive scenario, over the next two to four weeks, SOL could target $160, a target that lines up with the 50% Fibonacci retracement of the decline from the March high to the August low. In the longer term, a rise to the key $200 resistance level is likely, especially if Clays’ traditional year-end rally repeats.

A rise to $160 would represent a 15.44% upside from current price levels. Before reaching it, however, the altcoin is facing resistance in the Fair Value Gap (FVG) extending between $149.30 and $155.53.

Moving Average Convergence Divergence (MACD), a momentum indicator, displays green histogram bars above the neutral line, signaling underlying positive momentum in the SOL price trend.

SOL/USDT Daily Chart

In case of a decline, Solana could find the first support at $128.64, the lowest since September 16. Next, FVG extending between $119 and $125.61 could also hold prices.