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
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.
The moment you’ve been waiting for… @Solana is officially on OpenSea – starting today, with our initial beta!https://t.co/VjhqeGHZxc
— OpenSea (@opensea) April 6, 2022
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?
