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NFTs made on Solana’s blockchain are now live on OpenSea!

Will this be enough to stem SOL/USD’s losses this week?

Check out the pair’s 4-hour chart today:

SOL/USD: 4-hour

SOL/USD 4-hour Chart

SOL/USD 4-hour Chart

April has not been a good month for Layer-1 blockchain platform Solana (SOL)!

SOL/USD started the month above $140 before rising global bond yields, the anticipation of a hawkish FOMC meeting minutes, and overall risk aversion dragged Bitcoin and other major cryptos lower this week.

Solana may have a chance to recoup its losses though.

After weeks of hints and leaks, OpenSea – the world’s largest non-fungible token (NFT) marketplace – announced that it will beta launch Solana-based NFTs on its platform.

For newbies out there, know that Solana’s NFT sales volume is already just behind NFT sales made on the Ethereum and Ronin blockchains.

The project was revealed a week ago but Solana-made NFTs have just started going live on OpenSea today.

The increased activity on the “Ethereum killer’s” blockchain may create more demand for its token. This could push SOL/USD from its $110.00 – $113.00 support.

And why not? As you can see, $113 is near the 100 SMA on the 4-hour chart and the 50% Fibonacci retracement of March’s upswing.

Stochastic is also favoring a bullish swing while it hangs out in the oversold area.

If you’re not sure about SOL/USD bouncing in the next trading sessions, or if you believe that the risk aversion train hasn’t stopped yet, then you can also eye the $105.00 zone closer to the 61.8% Fib and previous resistance area.

What do you think? Is SOL/USD ready for a bounce?

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.