Is Solana Price About to Explode? OpenSea Adds SOL Trading Ahead of SEA Token Launch
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The Solana price has fallen by 5% to $125.80 today, with this drop coming as the crypto market as a whole suffers a 4% decline in the past 24 hours.
Despite this decline, the past day has been kind to Solana, with NFT platform OpenSea finally adding support for the trading of Solana-based tokens.
This news comes as SOL remains up by 18% in a week, although the sixth-biggest token in the market is down by 2% in a month and by 7.5% in a year.
Yet the arrival of SOL-based trading on Open Sea could help drive the growth of the wider Solana ecosystem, something which can only be positive for the Solana price in the long term.
Is Solana Price About to Explode? OpenSea Adds SOL Trading Ahead of SEA Token Launch
Posting on X, OpenSea revealed that support for Solana token trading would first arrive in the form of a closed beta, before “rolling out to more [users] in the coming weeks.”
It describes the rollout as a “big milestone” in its growth and development, with OpenSea also planning to launch its own SEA token and revamp its platform.
And not only will OpenSea support the trading of such coins as Fartcoin, Trump Official and dogwifhat, but it will also eventually reintroduce support for Solana-based NFTs.
As such, OpenSea’s reboot could end up giving the Solana ecosystem a real shot in the arm, with positive implications for the Solana price.
Yet this possibility doesn’t seem to have stirred traders yet, with Solana’s chart today finding the coin in an uncertain position.
Its RSI (purple), for example, has just dipped to 50 again after looking like it could rise further, while its 30-day average (orange) remains flat and well below the 200-day (blue).
Because of this, it would be rash to conclude that the Solana price will shoot up anytime soon, even if it has been an oversold position since the beginning of February.
Its trading volume has also returned to $3.5 billion today, after rising as high as $5.3 billion a couple of days ago, and as high as $11 billion about a week ago.
The coin therefore looks like it’s waiting for further developments in the ongoing trade war between the US and China, with today being another bad day in this respect (due to a recent Nvidia filing).
We could even see the Solana price dip to back down to $110 or lower before things consistently improve, although the second half of the year – and possible ETF approvals – could bring SOL back to $200 or $250.
High-Potential Alternatives for Diversification
As promising as Solana looks for the longer term, traders seeking quick market-beating gains may want to diversify into newer alts.
While many new alts are risky, some come with stronger fundamentals and communities, which can generally help them grow beyond initial hype phases.
One way of identifying such coins is to look for heavily subscribed presales, with probably the biggest sale of the year belonging to new layer-two project Solaxy (SOLX).
SOLX has already raised over $30 million, while its official X account now has 70,000 followers, a sign of its future growth.
What’s interesting about Solaxy is that it’s building a layer-two network for Solana, one which will provide Solana users with lower fees and faster confirmation times.
It will also help traders avoid some of the delays that can impact Solana during peak traffic, while providing instant bridging between itself and its parent chain.
SOLX serves as its utility token, in that it’s necessary to pay for transaction fees, with holders also able to stake it for passive returns.
Assuming that Solaxy taps into Solana’s large meme token ecosystem, it could become a big hit, with demand for SOLX rising in parallel.
While its sale will end soon, latecomers can still join at the official Solaxy website, where SOLX costs $0.001696.
This will rise tomorrow and continue to rise until the sale ends, at which point SOLX will list on exchanges and potentially rally.
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