Solana Price Climbs 1% As Solana Mobile Confirms SKR Token Launch With 30% Airdrop

The Solana price climbed 1% over the past 24 hours to $143.28 as of 2:28 a.m. EST on trading volume that plunged 28% to $5.5 billion.

This comes as Solana Mobile said its SKR token, linked to its Seeker phone, will launch early next year, with a total supply of 10 billion tokens, 30% of which will be allocated for airdrops and 25% for growth and partnerships.

Of the total supply, 10% will be liquidity, 10% for a community treasury, 15% for Solana Mobile, and 10% for Solana Labs.

SKR tokens use a linear inflation model to incentivize early participants to secure the ecosystem via staking and drive platform growth.

The first-year inflation rate is 10%, with a decay mechanism that reduces it by 25% annually until it stabilizes at a terminal rate of 2%.

Meanwhile, according to SoSoValue data, US Spot SOL ETFs (exchange-traded funds) recorded a daily net inflow of $45.7 million on Monday.

With the Solana price now in recovery mode, can its price head higher?

Solana Price Poised For A Breakout

After trading in a sideways pattern around the $160 level from May to August, the SOL price then rallied to $252 in September.

However, after reaching this zone, the bears took charge of the Solana price, driving it through a falling channel pattern, crossing and breaking key Fibonacci Retracement chart support levels.

The area around $122 on the 0 Fib level provided key support for the price of SOL, pushing it into a recovery. SOL is currently trading within the upper boundary of the falling channel, as the bulls eye a potential breakout.

As the downtrend continues, the price of the Solana token has traded below both the 50-day and 200-day Simple Moving Averages (SMAs), indicating sellers have maintained control. The downtrend was also pushed by a death cross forming around $180.

Meanwhile, the Relative Strength Index (RSI) is showing signs of recovery, with the RSI climbing towards the 50-midline, currently at 48, which is a key signal that buyers are gaining momentum.

The Moving Average Convergence Divergence (MACD) is also indicating that buyers are stepping in, as the blue MACD line has crossed above the orange signal line. Green bars on the histogram are also forming above the zero line, which shows that SOL is on positive momentum.

SOL/USD Chart Analysis Source: TradingView

SOL Price Prediction

According to the SOL/USD chart analysis on the daily timeframe, the Solana price is poised for a sustained bullish recovery above the falling channel.

If the Solana price breaks out and breaches the 0.382 Fib level at $158.62 and the 50-day SMA at $160.37, the next key resistance level is the 200-day SMA at $177.86.

Conversely, if the bears take charge at this level, pushed by the negative SMA indicators, the SOL price could drop back below the channel, with the next key support at $110. 

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