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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.
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.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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