Solana Bucks Crypto Market Downtick, Jumps in Price Amid New Binance Web3 Wallet Integration

Ethereum (ETH) rival Solana (SOL) bucked the wider crypto market downtick amid a new integration with Binance’s Web3 Wallet.

The fifth-ranked crypto asset by market cap is up more than 5% in the past 24 hours, compared to the overall crypto market cap, which is down 3.8% over the same period, according to CoinGecko.

Binance says its Web3 Wallet users can now trade SOL and access a range of DApps and upcoming airdrops.

Some crypto analysts think the Ethereum rival is primed for a correction, however.

Earlier this week, Ali Martinez told his 52,700 followers on the social media platform X that SOL’s Tom DeMark (TD) sequential indicator flashed a sell signal on its daily chart, which has historically signaled price drops for the smart contract platform. The trader predicts that SOL could retrace back to the $127-152 range.

Source: ali_charts/X

The TD Sequential indicator is typically used to identify the potential turning point for an asset’s price.

SOL is up more than 23% in the past week, nearly 52% in the past month and more than 62% since the start of the year. Despite those price gains, however, it remains nearly 32% down from its all-time high of $259.96, which it set in November 2021.

SOL is trading at $177.72 at time of writing.

Generated Image: Midjourney

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