Solana (SOL) Price Hits 10-Week High Fueled by OpenSea Integration

The cryptocurrency market has slowed down on Thursday, with many of the top tokens trading less than 1% up on the day.

Solana's native token, however, is noticeably still trading contrary to this trend. The price of SOL has jumped roughly 10% in the last 24 hours, towering above the rest. The token was last observed to be trading above $123 with 26.63% gains over the past seven days as per CoinMarketCap.

Solana's rally coincides with a surge in trading volume of Solana NFTs following a revelation that OpenSea, the largest NFT marketplace, is set to introduce support for the Solana chain in April. The Tuesday announcement has driven NFT trading volume on Solana up. The knock-on effect has been felt in the crypto market, as reflected in the recent price action of Solana's native token.

SOL/USD trading chart

Though the reveal, in part, contributed to Solana's march to a ten-week high of $124.61 during yesterday's trading session, it is worth noting that the token has charted a steady uptrend in the last two weeks.

Solana NFT sale volumes and transactions swell

Solana NFT daily transaction count and volume surged to a March high on the same day OpenSea teased the integration, Dune Analytics data shows.

Solana NFT transaction count and volume charts

The market share by transaction count chart shows a steep rise over the last 48 hours. The Magic Eden marketplace expectedly accounts for the bulk of the Solana NFT transactions.

Market share by transaction count chart

The NFT platform, launched in October 2021, was poised to continue dominating the space, having completed a $27 million Paradigm-led funding round on 14 March. The dynamics appear to have changed, though. Solana's integration on OpenSea will potentially intensify the competition in the space and threaten Magic Eden's market position.

Green arrows for Solana NFT sales volume over 7 days

Data from CryptoSlam shows Solana, the second-biggest chain by NFT sales volume, has seen an 82.82% upsurge over the last seven days. Ethereum-based NFT sales volume, in comparison, has dipped marginally in the same period.

The highest-ranked native NFT collection, Solana Monkey Business, has contributed nearly a sixth of Solana's total NFT sales. The collection has raked in $10,726,672 in sales over the last 7 days, with the total Solana-based NFT sale volume standing at $61,418,565.

NFT charts over the last 7 days

Nonetheless, Ethereum still rules in the NFT space. Since last Thursday, the chain has recorded sales of almost $498,000 – more than eight times the sales figure recorded on the Solana chain. This ratio could go down in the coming months as the April addition of Solana NFTs to OpenSea means more exposure to a wider audience. There is already talk on social media of NFT collectors showing interest in the development.

Solana bulls target $130, but it's a long shot

The SOL token has slightly retraced since setting a March peak as market data reveals it has traded in the $120 to $122 range over the last 12 hours.

After establishing support above $100 at the end of last week, market analysts anticipated that $112 and $120 would form the major resistance zones for bulls. Solana has raced past these targets and bulls, who are still in the driving seat, could target $130 as the next key level.

It is unlikely that the token will clear this height on the current rally, especially since the momentum in the NFT space appears to be waning. In the last 24 hours, Solana NFT sales volume has fallen by more than 22%, led by the Solana Monkey Business collection, whose sales have dipped by 15.42%.

NFT charts over the last 24 hours

If bulls defend the current levels and Solana maintains support above $100 in the face of a correction, a fresh rally could see the SOL/USD pair climb towards $130.

To learn more about Solana, visit our Investing in Solana guide.