Solana (SOL) Rallies by 5%, Supported by the OpenSea NFT Launch

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Published: Apr 8, 2022, 00:53 GMT+00:00

Solana (SOL) found much-needed support on Thursday. The inclusion of Solana-based NFTs on OpenSea was SOL price positive on Thursday.

Solana SOL isometric token symbol in digital circle on blue back

Key Insights:

On Thursday, Solana (SOL) rallied by 4.97% as investor appetite returned.
OpenSea announced the launch of Solana (SOL) based NFTs on the OpenSea marketplace, delivering price support on Thursday
Technical indicators are bullish, with SOL sitting above the 100-day EMA.

Solana (SOL) rallied by 4.97% on Thursday. Partially reversing a 10.91% slump from Wednesday, SOL ended the day at $118.60. It was the first bullish session in 4-days.

The upside came despite the latest FOMC meeting minutes that sank the broader crypto market on Wednesday.

A bearish start to the day saw SOL fall to an early morning low of $110.96 before finding support. SOL rallied to a final hour high of $119.96 before easing back.

The OpenSea launch of Solana-Based NFTs Delivers Price Support

On Thursday, OpenSea announced the launch of Solana-based NFT trading on the OpenSea marketplace. News of the inclusion of Solana-based NFTs was SOL price positive.

SOL Price Action

At the time of writing, Solana was up by 1.88% to $120.83. A bullish start to the day saw SOL rally to an early morning high of $121.78 before easing back.

A move through $122 would bring $125 into play.

Technical Indicators

SOL will need to avoid the $116.49 pivot to make a move through the First Major Resistance Level at $122.00.

Broader market sentiment would need to improve to breakout from this morning’s high of $121.78.

In the event of another extended rally, SOL should test the Second Major Resistance Level at $125.56.

A fall through the pivot would bring the First Major Support Level at $113.05 into play. Barring an extended sell-off throughout the day, Solana should avoid sub-$110. The Second Major Support Level sits at $107.54.

SOL will need to avoid the day’s pivot to support another bullish day ahead.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. Following Thursday’s session, SOL currently sits above the 100-day EMA at $116.77. This morning, the 50-day EMA pulled away from the 100-day EMA. We also saw the 100-day EMA pull away from the 200-day EMA, SOL positive.

SOL would need to move through the 50-day EMA to support a return to $130.

A move through the 50-day EMA would support a breakout day ahead.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.