Solana secured much-need support yesterday, Thursday. Solana-based NFTs inclusion on OpenSea triggered upside support for the altcoin.
- Solana (SOL) gained 4.97% on Thursday amid investors’ appetite resurgence.
- OpenSea declared SOL-based NFTs launch on the OpenSea market, catalyzing upswings.
- Technical indicators suggest bullish as Solana stays beyond the 100-day Exponential Moving Average.
Solana’s price surged more than $4.97% yesterday to partially reverse Wednesday’s 10.91% slump. The alternative token ended the day near $118.60. That meant the first upside session in four days. Nevertheless, SOL surges emerged despite recent FOMC meeting minutes that dampened the cryptocurrency industry on Wednesday. Bearishness early on the day had Solana dropping to morning lows of $110.96 before discovering support. The alt embarked on upswings towards the $120 value mark.
Solana NFTs Launch on OpenSea as Upside Catalyst
OpenSea declared the launch of Solana NFTs on the OpenSea trading platform. SOL reacted to the news with upswings. For now, the alternative token trades with a bullish bias.
Solana Price Action
While writing this blog, Solana traded at $120.52, surging 5.37% over the past 24 hours. Bullishness early on Friday saw the alt climbing to morning peaks of $121.7 before retracing. The alt should avoid the pivot at $116.49 to hike through the initial crucial resistance floor at $122.00. Broad market support is essential for SOL to overcome the morning high at $121.7. Another upside rally will see the crypto testing the 2nd resistance zone at $125.56.
Declines from the pivot area would bring the initial support at $113 into play. Excluding extended downswings, SOL should keep sub-$110 away. The 2nd support area stands at $107.54.
The 4hr candle chart and the Exponential Moving Averages display bullish signals. Thursday’s rallies had Solana staying beyond the 100-day Exponential Moving Average at $116.77. Meanwhile, Early sessions today had the 50-dayEMA drifted from the 100-dayEMA. Moreover, the 100-dayEMA pulled from the 200-day Exponential Moving Average.
Such cases mean Solana is positive. SOL needs a move past the 50-day Exponential Moving Average to surge towards $130. The broad market displays a bullish picture today. The global crypto market capitalization stayed 1.20% up at $2.02 trillion. Keeping the upside stance throughout the day would see SOL climbing without hurdles.
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