Solana Sees Price Jump with Binance Web3 Wallet Integration
Solana (SOL), a rival to Ethereum (ETH), has defied the downward trend in the crypto market thanks to its recent integration with Binance’s Web3 Wallet. While the overall crypto market cap is down 3.8% in the past 24 hours, SOL has gained over 5% during the same period, making it the fifth-ranked cryptocurrency by market cap.
New Integration with Binance Web3 Wallet
Binance has announced that its Web3 Wallet users can now trade SOL and access various decentralized applications (DApps) and upcoming airdrops. This integration has contributed to SOL’s recent price jump.
Predictions of a Correction
Despite its positive performance, some analysts believe that SOL may experience a correction soon. Ali Martinez, a prominent trader, pointed out that SOL’s Tom DeMark (TD) sequential indicator recently flashed a sell signal on its daily chart. Historically, this signal has indicated price drops for the smart contract platform. Martinez predicts that SOL could retrace back to the $127-152 range.
Impressive Price Gains
SOL has seen significant price gains over the past week, month, and year. It has surged by more than 23% in the past week, nearly 52% in the past month, and over 62% since the beginning of the year. However, despite these gains, SOL is still down about 32% from its all-time high of $259.96 set in November 2021.
Current Price
At the time of writing, SOL is trading at $177.72.
Hot Take: Solana’s Rise Amid Market Downturn
Solana has managed to outperform the wider crypto market despite the recent downturn. Its integration with Binance’s Web3 Wallet has provided a boost to its price, and it continues to attract attention from investors and traders.
While some analysts predict a potential correction for SOL, its impressive price gains over various timeframes indicate strong investor interest and confidence in the project. However, as with any investment, it’s important to stay informed and monitor market trends.
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