{"id":422,"date":"2022-04-10T14:29:44","date_gmt":"2022-04-10T14:29:44","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/04\/10\/solana-sol-steadies-while-solana-based-nft-trading-volumes-fall-2\/"},"modified":"2022-04-10T14:29:44","modified_gmt":"2022-04-10T14:29:44","slug":"solana-sol-steadies-while-solana-based-nft-trading-volumes-fall-2","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/04\/10\/solana-sol-steadies-while-solana-based-nft-trading-volumes-fall-2\/","title":{"rendered":"Solana (SOL) Steadies While Solana-Based NFT Trading Volumes Fall"},"content":{"rendered":"<div>\n<h3>Key Insights:<\/h3>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p><strong>On Saturday, Solana (SOL) rose by 2.72% to partially reverse Friday\u2019s 7.28% slide<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>The recent inclusion of Solana-based NFTs on OpenSea remains positive for SOL.<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>Technical indicators remain bullish, with SOL sitting above the 200-day EMA.<\/strong><\/p>\n<\/li>\n<\/ul>\n<p>Solana (<a target=\"_blank\" href=\"https:\/\/www.fxempire.com\/crypto\/sol\" rel=\"nofollow noopener\" data-ylk=\"slk:SOL\" class=\"link \">SOL<\/a>) rose by 2.72% on Saturday. Partially reversing a 7.28% slide from Friday, SOL ended the day at $112.96.<\/p>\n<p>Following a second broader <a target=\"_blank\" href=\"https:\/\/www.fxempire.com\/crypto\" rel=\"nofollow noopener\" data-ylk=\"slk:crypto\" class=\"link \">crypto<\/a> market sell-off in the week, the crypto majors flatlined on Saturday. Negative sentiment towards the latest FOMC meeting minutes lingered, with no crypto news to change the narrative.<\/p>\n<p>A choppy start saw SOL fall to an early morning low of $108.32 before finding support.<\/p>\n<p>SOL moved back through to $110 levels before a final-hour run to a day high of $113.67.<\/p>\n<p>Falling short of the First Major Resistance Level at $118.87, SOL eased back to end the day at sub-$113.<\/p>\n<h2>Inclusion of Solana-Based NFT on OpenSea Remains Price Positive<\/h2>\n<p>On Thursday, OpenSea <a target=\"_blank\" href=\"https:\/\/www.fxempire.com\/forecasts\/article\/solana-nfts-officially-tradeable-on-the-opensea-marketplace-961375\" rel=\"nofollow noopener\" data-ylk=\"slk:announced\" class=\"link \">announced<\/a> the launch of Solana-based NFT trading on the OpenSea marketplace.<\/p>\n<p>The initial beta launch will have limited Solana-NFT coverage. In beta, OpenSea is looking for user comments ahead of a full launch.<\/p>\n<p>A full launch will include \u2018a scalable way to expand coverage via the Metaplex collection standard.\u2019<\/p>\n<p>The inclusion of Solana-based NFTs on the OpenSea marketplace remains price positive.<\/p>\n<p>Solana-based NFT transactions and trading volumes have trended downwards since the OpenSea launch, however.<\/p>\n<p>According to <a target=\"_blank\" href=\"https:\/\/dune.xyz\/rchen8\/opensea\" rel=\"nofollow noopener\" data-ylk=\"slk:Dune Analytics\" class=\"link \">Dune Analytics<\/a>, daily NFT transactions spiked on April 07, with 12,012 transactions before sliding to just 2,763 on Saturday.<\/p>\n<p>Trading volumes also saw a sharp decline on Saturday to test support for SOL.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 211px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:26%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/PI80GRmEylJTLduAkqcdsw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTI1Mw--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/mXXfltvldwaqeQtRV31DOA--~B\/aD0yMTE7dz04MDA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/fx_empire_176\/6f55a928c0766d6c09a16eff76e54a9f\"\/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/PI80GRmEylJTLduAkqcdsw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTI1Mw--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/mXXfltvldwaqeQtRV31DOA--~B\/aD0yMTE7dz04MDA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/fx_empire_176\/6f55a928c0766d6c09a16eff76e54a9f\" class=\"caas-img\"\/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<h2>SOL Price Action<\/h2>\n<p>At the time of writing, Solana was down by 0.27% to $112.66.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 450px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:56%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"A move through to $115 would bring $120 into play.\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/wMF_mQuIiV8sHIB9.D4ELA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/mFlUIhyohAh7yojFlxzkFA--~B\/aD00NTA7dz04MDA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/fx_empire_176\/959ed00aa28e3c985744721752e4234e\"\/><noscript><img decoding=\"async\" alt=\"A move through to $115 would bring $120 into play.\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/wMF_mQuIiV8sHIB9.D4ELA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/mFlUIhyohAh7yojFlxzkFA--~B\/aD00NTA7dz04MDA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/fx_empire_176\/959ed00aa28e3c985744721752e4234e\" class=\"caas-img\"\/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">A move through to $115 would bring $120 into play.<\/figcaption><\/p>\n<\/figure>\n<h2><strong>Technical Indicators<\/strong><\/h2>\n<p>SOL will need to avoid the $111.63 <a target=\"_blank\" href=\"https:\/\/www.fxempire.com\/education\/article\/support-and-resistance-pivot-analysis-822845\" rel=\"nofollow noopener\" data-ylk=\"slk:pivot\" class=\"link \">pivot<\/a> to make a move through the First Major Resistance Level at $114.96.<\/p>\n<p>Broader market sentiment would need to improve to support a move through Saturday\u2019s high of $113.67.<\/p>\n<p><button class=\"link caas-button collapse-button\" aria-label=\"\" title=\"\" data-ylk=\"elm:readmore;slk:Story continues\">Story continues<\/button><\/p>\n<p>In the event of an extended rally, SOL should test the Second Major Resistance Level at $117 and resistance at $120. The Third Major Resistance Level sits at $122.35.<\/p>\n<p>A fall through the pivot would bring the First Major Support Level at $109.62 into play. Barring another extended sell-off throughout the day, Solana should avoid sub-$105. The Second Major Support Level at $106.31 should limit the downside.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 450px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:56%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"Avoiding the day\u2019s pivot will be key to a continued recovery of Friday\u2019s losses.\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/raXAZSbuK31OWOD_AQyToA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/mo4KN5YrqzYroalQWzFd0w--~B\/aD00NTA7dz04MDA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/fx_empire_176\/2b3eb0f57586fb2e2dc1ebe7c1c1f124\"\/><noscript><img decoding=\"async\" alt=\"Avoiding the day\u2019s pivot will be key to a continued recovery of Friday\u2019s losses.\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/raXAZSbuK31OWOD_AQyToA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/mo4KN5YrqzYroalQWzFd0w--~B\/aD00NTA7dz04MDA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/fx_empire_176\/2b3eb0f57586fb2e2dc1ebe7c1c1f124\" class=\"caas-img\"\/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Avoiding the day\u2019s pivot will be key to a continued recovery of Friday\u2019s losses.<\/figcaption><\/p>\n<\/figure>\n<p>The <a target=\"_blank\" href=\"https:\/\/www.fxempire.com\/education\/article\/the-complete-guide-to-trend-following-indicators-708117\" rel=\"nofollow noopener\" data-ylk=\"slk:EMAs\" class=\"link \">EMAs<\/a> and the 4-hourly candlestick chart (below) send a bullish signal. Following Saturday\u2019s session, SOL currently sits above the 200-day EMA at $109.25. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA moved away from the 200-day EMA to provide support.<\/p>\n<p>SOL would need to move through the 100-day EMA at $115.81 to support a return to $120.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 450px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:56%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"A move through the 100-day EMA would support a breakout session.\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/yXr3aDecwJBGYgg1gl_WYA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/g1xmIlUUHKEPULrHCHSMsA--~B\/aD00NTA7dz04MDA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/fx_empire_176\/d0015d82cde1e5e0f3908838f8aeb0fc\"\/><noscript><img decoding=\"async\" alt=\"A move through the 100-day EMA would support a breakout session.\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/yXr3aDecwJBGYgg1gl_WYA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/g1xmIlUUHKEPULrHCHSMsA--~B\/aD00NTA7dz04MDA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/fx_empire_176\/d0015d82cde1e5e0f3908838f8aeb0fc\" class=\"caas-img\"\/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">A move through the 100-day EMA would support a breakout session.<\/figcaption><\/p>\n<\/figure>\n<p>This <a target=\"_blank\" href=\"https:\/\/www.fxempire.com\/forecasts\/article\/solana-sol-steadies-while-solana-based-nft-trading-volumes-fall-964200\" rel=\"nofollow noopener\" data-ylk=\"slk:article\" class=\"link \">article<\/a> was originally posted on FX Empire<\/p>\n<h3>More From FXEMPIRE:<\/h3>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Key Insights: On Saturday, Solana (SOL) rose by 2.72% to partially reverse Friday\u2019s 7.28% slide The recent inclusion of Solana-based NFTs on OpenSea remains positive for SOL. Technical indicators remain bullish, with SOL sitting above the 200-day EMA. Solana (SOL) rose by 2.72% on Saturday. Partially reversing a 7.28% slide from Friday, SOL ended the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=422"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/423"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}