Solana Price Analysis: SOL Value Rises By 12% Following Opensea Announcement
Data from CoinMarketCap indicates that Solana (SOL) recorded a near 12% price rise in the last 24 hours. At the time of writing, the sixth-largest cryptocurrency by market cap was trading at $125. This price is a 23% increase from the last seven days and is the highest that SOL has been since the last week of January.
Technical Indicators
Elsewhere, in the top ten cryptocurrencies, Ripple (XRP) is currently down by 7% to $0.80, while Terra has also dropped by nearly 6% to $102. The rest of the coins in the upper echelons of the crypto market have variously recorded drops ranging from 4.4% to 0.5% over the last 24 hours.
Solana’s Relative Strength Indicator (RSI) is getting ever closer to the 70 points mark. This would indicate that SOL is being overbought and could yet experience a trend reversal in the coming days.
SOL’s moving average convergence divergence (MACD) indicator is showing an upward expansion, suggesting a continued bullish run for the cryptocurrency. Additionally, Solana’s current bias is also decidedly bullish.
Solana’s bullish performance has been buoyed by a marked rise in demand for non-fungible tokens (NFTs) on the platform. This rise in demand has in turn been spurred by news that OpenSea, the industry-leading marketplace for NFTs, is set to integrate the Solana blockchain into its platform sometime in April.
The announcement for the integration was made in a 16-second teaser video posted on Opensea’s official Twitter handle. The tweet was then quote-tweeted by OpenSea’s Head of Blockchain, Adam Montgomery. Less than 24 hours later, the original tweet had been viewed more than half a million times, retweeted nearly 9,000 times, and liked by more than 20,000 crypto enthusiasts.
OpenSea to Give Magic Eden a Run for its Money
When the integration happens, Solana will become the fourth network to have its NFTs traded on OpenSea. Currently, Polygon, Ethereum, and Klatyn are the only blockchains whose NFTs are trading on OpenSea.
The biggest marketplace for Solana NFTs is Magic Eden. It remains to be seen whether its 2% transaction fee, which is 50 basis points lower than OpenSea’s, will keep users on Magic Eden.
Solana’s inclusion into the OpenSea platform could help OpenSea regain its dominance of the NFT market, which was being eroded by a new entrant, LooksRare.
Since its inception, LooksRare has registered over 55,000 new users and recorded over $21 billion in trading volume. In comparison, OpenSea recorded just over $12 billion in trading volume over the same period despite registering more new users than LooksRare.
