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Solana (SOL) benefits from integration with Binance Web3 Wallet - Ethereum competitor shows upward trend
Solana (SOL) records an increase of over 5% in the last 24 hours despite the general downtrend in the crypto market. With the integration into Binance's Web3 Wallet, users can now trade SOL and access a range of DApps and upcoming airdrops. However, some analysts expect a correction in this Ethereum competitor. Find out more about the current development and forecast for Solana in this article.
Solana (SOL) benefits from integration with Binance Web3 Wallet - Ethereum competitor shows upward trend
Ethereum competitor Solana integrates into Binance’s Web3 Wallet
Cryptocurrency Solana (SOL), which rivals Ethereum (ETH), is seeing positive development despite a decline in the broader crypto market due to a new integration with Binance's Web3 wallet. According to CoinGecko, the cryptocurrency SOL has risen by more than 5% in the last 24 hours, while the total market capitalization of the crypto market has fallen by 3.8% in the same period.
Binance has announced that Web3 Wallet users can now trade with SOL and access a variety of decentralized applications (DApps) and upcoming airdrops. This integration could help SOL continue to perform well and become more accessible to Binance platform users.
However, some cryptocurrency analysts believe that Solana could be on the verge of a correction. Analyst Ali Martinez explained via social media channel X that the Tom DeMark (TD) Sequential indicator for SOL has shown a sell signal on the daily chart. This signal has often been associated with price declines on the smart contract platform in the past. Martinez predicts a possible retracement of SOL to the $127-$152 range.
The TD Sequential indicator is commonly used to identify potential turning points in an asset's price history. Although SOL has seen significant price increases in recent weeks and months (up more than 23% in the last week, almost 52% in the last month, and more than 62% since the beginning of the year), the current price is still almost 32% below its all-time high of $259.96, reached in November 2021.
The current price of SOL is $177.72.
It remains to be seen how the integration into Binance's Web3 Wallet will affect the further development of Solana. It is possible that more users are interested in the cryptocurrency due to easier accessibility and this has a positive impact on the price.
The following table lists some relevant information about Solana:
| Key figure | Value |
|---|---|
| Market rankings | 5 |
| Current price | $177.72 |
| Previous price development (1 week) | +23% |
| Previous price development (1 month) | +52% |
| Price development to date (since the beginning of the year) | +62% |
| All time high | $259.96 |
It remains to be seen how Solana will develop in the future, especially in terms of integration with the Binance platform and possible price drops according to the TD Sequential indicator. Investors should carefully monitor the markets and conduct their own due diligence before investing in cryptocurrencies.