- The number of pre-orders has reached 100K, so Solana has started production.
- SOL was the best-performing large-cap cryptocurrency last week.
Solana (SOL) Mobile’s upcoming “Chapter 2” Web3 phone was making waves in the market as users flocked to get their hands on the device.
A new “chapter” for Solana phones
According to on-chain analytics firm Flipside, about 53.4K units had been pre-ordered as of February 13, almost a month after Solana announced the successor to its Solana Saga phone.
In fact, one user purchased almost 25 products, bringing his total purchase amount to $11,252.
Source: Flipside
This data only applies to purchases made through Solana Pay, excluding sales made through Visa or other payment networks.
The countdown begins
Solana Mobile previously announced that pre-orders for Chapter 2 had reached 100K, a goal that would guarantee production of the device. With this, the company has also ended its initial pre-order price of $450. The phone was expected to be released in the first half of 2025.
Chapter 2, like its predecessor, Solana Saga, is designed to make cryptocurrency products and services more accessible to the public, Solana Mobile previously said.
SOL was pumping but be careful
It is very likely that the hype around the upcoming product is putting upward pressure on the ecosystem’s native token.
According to CoinMarketCap, SOL was the best-performing large-cap cryptocurrency last week, with an increase of 18.38%.
Nonetheless, using Santiment data, AMBCrypto noted that market sentiment towards the fifth-largest cryptocurrency remains negative at the time of writing.
Moreover, the coin failed to generate sufficient social buzz as seen by the depressed social volume indicator.
Source: Santiment
How much is 1,10,100 SOL worth today?
Due to the rise in spot prices, investments by derivatives traders increased rapidly. Open interest (OI) in SOL futures hit an all-time high (ATH) of $1.7 billion at press time, according to AMBCrypto’s investigation of Coinglass data.
Source: Coinglass
However, most of the new positions were betting on a decline in the price of SOL. Over the past four days, shorts have increased relative to longs, suggesting that a reversal is imminent.
Source: Coinglass