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.
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.
Solana Price Forecast
Every new Solana analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Solana forecastsIn 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.
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.
