- Pre-orders have reached 1o0K, allowing Solana to continue production.
- SOL was the best performing large-cap cryptocurrency last week.
Solana [SOL] Mobile’s upcoming ‘Chapter 2’ Web3 phone has been making waves in the market, with users jostling to get their hands on the device.
A new “chapter” for Solana phones
According to an analysis company in the chain ReverseApproximately 53.4K units were pre-ordered as of February 13, almost a month after Solana announced the successor to the Solana Saga phones.
One user even bought almost 25 units, spending a total of $11,252 on the purchase.
Source: Flipside
Please note that this data only refers to purchases made through Solana Pay, excluding sales made through Visa or other payment networks.
The countdown begins
Previously Solana Mobile announced that pre-orders for Chapter 2 had reached 100K, a goal that guarantees production of the device. With this, the company also ended the early pre-order price of $450. The phones were expected to hit the market in the first half of 2025.
Chapter 2, like its predecessor Solana Saga, was designed to make crypto products and services more accessible to the public, Solana Mobile had previously said.
SOL pumped, but be careful
It was very likely that the hype surrounding the upcoming product put upward pressure on the original symbol of the ecosystem.
SOL was the best-performing large-cap cryptocurrency last week, with a gain of 18.38%, according to CoinMarketCap.
That said, market sentiment towards the fifth-largest cryptocurrency was still negative at the time of writing, AMBCrypto noted using Santiment data.
Furthermore, the coin did not generate enough social buzz, as evidenced by the moderate social volume indicator.
Source: Santiment
How much are 1,10,100 SOLs worth today?
The rise in spot prices caused a spike in derivatives traders’ investments. The Open Interest (OI) in SOL futures was at an all-time high (ATH) of $1.7 billion at the time of writing, according to AMBCrypto’s examination of Coinglass data.
Source: Coinglass
However, most new positions were betting on SOL’s price drop. The number of shorts versus longs has increased over the past four days, suggesting a reversal is afoot somewhere.
Source: Coinglass