- Solana has joined the market wave and is trading 10% higher at $65, with one leading Web3 investor saying there’s a 25% chance that SOL flips Ethereum in the next bull cycle.
- In a recent interview, Solana founder Anatoly Yakovenko talked about SEC’s classification of SOL as a security and the grand plans he has for the Saga smartphone.
Is Solana a security amid the US Securities and Exchange Commission’s classification? Has Solana’s Web3 smartphone Saga been a success and what plans are there to boost its sales? These were among the questions that Solana Labs founder Anatoly Yakovenko addressed in a recent interview. Meanwhile, SOL is trading 10% higher over the past day as analysts eye the $70 mark.
Solana is trading at $66 at press time and has been one of the big gainers over the past day, shooting up from $59.7 in that time.
Solana’s current market uptrend is a far cry from the coin that dipped to historic lows a year ago after the collapse of FTX, an exchange whose founder was the biggest supporter of the coin. It has continued to decouple from the fiasco and seems to have shaken SBF off.
Investors are now increasingly confident in the future of the token. This can be seen in the institutional flow into the token, which has now received $143 million from institutional investors this year alone. It boasts of close to half a billion dollars in assets under management.
According to one expert, it may not be long before SOL flips Ethereum on the charts. Currently, SOL’s market cap stands at $27 billion while Ether’s is currently at $274 billion, ten times higher. Despite this Santiago Santos believes the flip could be in this bull cycle. Santos is a former partner at ParaFi Capital, which has invested in Staked.us, Ampleforth, Wormhole and more successes.
He said in a recent podcast interview that he foresees capital seeping out of Ethereum and its layer 2 ecosystem to Solana as the latter stabilizes and sheds its association with entities such as FTX. He says investors will prefer SOL over ETH as the opportunity for gains is much higher.
Reviving Saga Could Push Solana (SOL), Says Founder
Anatoly Yakovenko, the brain behind the Solana network was on the Unchained podcast where he had a candid interview with host Laura Shin about Solana’s future, the Saga Web3 smartphone, being declared a security by the SEC and more.
On the smartphone, he admitted that it hasn’t been the success it was intended to be. To date, it has sold just 2,200 units, a measly number for a phone that was billed to be the next big thing. For context, Apple sold 225.3 million phones last year, which comes to over 25,000 every hour.
Yakolenko knows that Saga’s sales were below par and he told Unchained that to kickstart an adoption wave, the phone must sell at least 50,000 units. He’s working on new models, better applications and incentives such as store discounts to push adoption.
He also delved into the categorization of SOL as a security by the US SEC. He says that the agency never implicated him, Solana Labs or the token directly. Rather, it focused on Coinbase and how it had offered the token. He believes that Congress will step in to give regulatory clarity to the industry.
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