Solana (SOL) Jumps by 9.5% to Lead the Broader Crypto Market
Key Insights:
Solana (SOL) jumped by 9.52% on Friday to lead the broader crypto market.
Reports of OpenSea supporting Solana-based NFTs from April delivered further support.
Technical indicators are bullish, supporting the move through to $150 levels.
Solana (SOL) jumped by 9.52% on Friday. Following a 1.82% gain on Thursday, SOL ended the day at $134.54.
The upside came despite economic data from the U.S supporting a more aggressive FED rate path. There was support from the broader crypto market that was in recovery mode following Thursday’s losses.
A mixed start to the day saw SOL fall to an early morning low of $117.78 before surging to a day high of $138.44. SOL broke through the day’s Major Resistance Levels to hold onto $130 for the first time since mid-January.
NFT Chatter Delivers SOL Support
Solana NFT sales have been on the rise following the news of OpenSea supporting Solana NFTs from this month.
According to Cryptoslam, Solana NFT sales volume was up 33.11% at the time of writing. Volumes had been higher in the earlier part of the day.
U.S nonfarm payrolls failed to weigh. In March, nonfarm payrolls increased by 431k, supporting a more aggressive FED interest rate path to curb inflation.
SOL Price Action
At the time of writing, Solana was down by 0.55% to $133.80. A bearish start to the day saw SOL fall to an early low of $133.12 before finding support.
Technical Indicators
SOL will need to avoid the $130.25 pivot to make a move through the First Major Resistance Level at $142.73.
Broader market sentiment would need to improve to support a breakout from $135 levels.
In the event of another extended rally, SOL should test the Second Major Resistance Level at $150.91. The Third Major Resistance Level sits at $171.57.
A fall through the pivot would bring the First Major Support Level at $122.07 into play. Barring an extended sell-off throughout the day, Solana should avoid sub-$115. The Second Major Support Level sits at $109.59.
The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. SOL currently sits above the 50-day EMA at $114.61. 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 would need to steer well clear of sub-$115 and the 50-day EMA to support a move through $150.
This article was originally posted on FX Empire