Solana (SOL), a competitor to Ethereum (ETH), stands out amidst the broader downtrend in the cryptocurrency market following its integration with Binance’s Web3 Wallet.
The fifth-ranked cryptocurrency by market capitalization has surged over 5% in the last 24 hours, in contrast to the overall market downturn of 3.8% during the same period, as reported by CoinGecko.
Binance announces that its Web3 Wallet users now have the capability to trade SOL and access various decentralized applications (DApps) and upcoming airdrops.
Despite this positive momentum, some crypto analysts express caution regarding Solana’s price trajectory. Ali Martinez recently informed his 52,700 followers on the social media platform X about SOL’s Tom DeMark (TD) sequential indicator signaling a sell signal on its daily chart, historically indicating potential price declines for the smart contract platform. Martinez predicts a potential retracement for SOL to the range of $127-152.
The TD Sequential indicator serves as a valuable tool for recognizing potential shifts in an asset’s price direction.
SOL has surged over 23% in the past week, almost 52% in the past month, and more than 62% since the beginning of the year. Despite these impressive gains, it still lags behind nearly 32% from its all-time high of $259.96, established in November 2021.
As of the current writing, SOL is trading at $177.72.