Solana (SOL) Leads the Crypto Majors Through the Morning Session

Key Insights:

• Solana (SOL) struck a morning session high of $128.46 before easing back.
• Reports of OpenSea supporting Solana-based NFTs from as early as April delivered support.
• Technical indicators are bullish, supporting the move through to $130 levels.

Solana (SOL) rallied by 7.93% on Wednesday. Following a 5.52% gain on Tuesday, SOL ended the day at $120.64. It was the eight daily rise in 10-sessions.

The upward trend continued through this morning, with broader crypto market sentiment delivering support.

A bullish start to the day saw SOL surge to a morning high of $128.46. SOL broke through the First Major Resistance Level at $127.75 before easing back.

NFT Chatter Delivers SOL Support

News of OpenSea supporting Solana-based NFTs from April provided SOL price support.

Nidal Hussein, Co-Founder of Jambo Mambo, an NFT gaming marketplace on the Solana blockchain, told FX Empire,

“I think that OpenSea, including Solana NFT, will establish a lot of new blue-chip NFTs to the Solana ecosystem and push higher highs since it is some kind of commercialization.”

SOL Price Action

At the time of writing, Solana was up by 5.55% to $127.34.

Technical Indicators

SOL will need to avoid sub-$120 and the $117.38 pivot to make another move through the First Major Resistance Level at $127.76.

Bullish broader market sentiment would support a breakout from the morning high of $128.46 to test resistance at $130.

In the event of another extended rally, SOL should test the Second Major Resistance Level at $134.84. The Third Major Resistance Level sits at $152.25.

A fall through the pivot would bring the First Major Support Level at $110.33 into play. Barring an extended sell-off throughout the day, Solana should avoid sub-$110. The Second Major Support Level sits at $100.05.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. SOL currently sits above the 50-day EMA at $108.44. 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 would need to steer well clear of sub-$110 and the 50-day EMA to support a move through $130.