Solana NFTs Officially Tradeable on the OpenSea Marketplace

Key Insights:

• Today, Solana (SOL) based NFTs are officially available on OpenSea.
• While SOL recently revisited $140 levels, OpenSea has seen trading volumes decline in recent months.
• OpenSea will be looking for Solana NFTs to give trading volumes a boost.

Last month, FX Empire reported news of OpenSea planning to include Solana-based (SOL) NFTs on the OpenSea marketplace.

While leaks had pointed to the possible inclusion of Solana NFTs this month, OpenSea also revealed support for Solana-based NFTs last week but without an official start date.

The news had fueled an SOL rally, with SOL striking a current month high of $143.54 before easing back.

OpenSea Officially Launches Solana-NFT Trading

This morning, OpenSea announced the launch of Solana-based NFTs on the OpenSea marketplace.

Until this morning, the market had been in the dark on when Solana-NFTs will be available to trade.

OpenSea took to Twitter this morning, announcing,

“The moment you’ve been waiting for… @solana is officially on OpenSea – starting today, with our initial beta!”

The moment you’ve been waiting for… @Solana is officially on OpenSea – starting today, with our initial beta!https://t.co/VjhqeGHZxc

— OpenSea (@opensea) April 6, 2022

On the OpenSea marketplace, OpenSea announced,

“Solana’s low gas fees and fast transaction speeds make NFTs accessible to all. And, an OpenSea, you don’t have to choose between liquidity and control – when you list, your NFTs stay in your wallet until they’re sold.”

Attributes of Solana on OpenSea include,

• Keeping NFTs in your wallet until sold, unlike other marketplaces.
• Energy-efficient, with a transaction on Solana using ‘less energy than two Google searches.’
• Solana gas fees are low with transaction speeds ‘faster than ever.’

The initial beta launch will have limited Solana-NFT coverage. In beta, OpenSea is looking for user comments ahead of a full launch.

A full launch will include ‘a scalable way to expand coverage via the Metaplex collection standard.’

Last week, we reported the downward trend in NFT trading volumes on the OpenSea marketplace. With OpenSea predominantly ETH based, OpenSea will be looking for Solana-based NFTs to boost trading activity.

SOL Price Action

At the time of writing, Solana was up by 1.51% to $114.70. A bullish start to the day saw SOL rise to an early morning high of $114.91.

On Wednesday, SOL tumbled by 10.91% in response to hawkish FOMC meeting minutes.

Technical Indicators

SOL will need to move through the $117.52 pivot to make a move through the First Major Resistance Level at $122.88.

Broader market sentiment would need to improve to support a return to $120 levels.

In the event of another extended rally, SOL should test the Second Major Resistance Level at $132.74. The Third Major Resistance Level sits at $147.97.

Failure to move through the pivot would bring the First Major Support Level at $107.65 into play. Barring an extended sell-off throughout the day, Solana should avoid sub-$105. The Second Major Support Level sits at $102.27.

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. Following the Wednesday sell-off, SOL currently sits below the 100-day EMA at $116.63. This morning, the 50-day EMA narrowed to the 100-day EMA. We also saw the 100-day EMA flatten on the 200-day EMA.

SOL would need to move through the 100-day EMA to support a return to $120.