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Sonic experienced a surge of 15% in its price, while its Total Value Locked (TVL) reached a new all-time high after Binance Wallet announced its integration with the Sonic blockchain. This milestone marks a significant development for the Sonic ecosystem, driving heightened interest and activity among investors and users.

Binance Wallet Integration Boosts Sonic

On May 1, Binance Wallet revealed its integration with the Sonic blockchain, allowing users to seamlessly interact with Sonic’s decentralized applications (dApps) and send tokens directly through the Binance Wallet interface. As part of Binance’s ongoing Alpha Projects initiative, the platform also teased potential airdrop rewards for active traders who utilize the wallet on Sonic’s network. This announcement underscores Binance’s deepening collaboration with the Sonic ecosystem.

In a related move, Binance recently integrated bridged USD Coin (USDC) on Sonic on April 29, aiming to enhance liquidity across the network. These strategic updates are expected to strengthen Sonic’s position as a competitive Layer-1 blockchain solution.

Market Impact: TVL and Trading Volume Soar

The news of the Binance Wallet integration triggered a significant uptick in market activity for Sonic. According to market data:

  • Trading Volume: Increased by 182.8%, reaching $275.8 million.
  • Open Interest: Climbed 20%, reflecting growing market confidence.
  • Total Value Locked (TVL): Hit an all-time high of $1.06 billion, up 3% from the previous day.
  • Decentralized Exchange Volume: Jumped from $73 million on April 30 to $116 million on May 1, a 58% increase.

What is Sonic?

Sonic, previously known as Fantom, is a high-performance Layer-1 blockchain designed to process over 10,000 transactions per second with near-instant finality. Fully compatible with the Ethereum Virtual Machine (EVM), Sonic has positioned itself as a leader in scalability and speed. The blockchain integrated native USDC via Circle’s Cross-Chain Transfer Protocol V2 on April 15, further strengthening its ecosystem.

Price Analysis: Bullish Momentum Continues

On the daily chart, Sonic has broken out of a prolonged sideways trading range that dominated most of April. The price has closed above the 50-day moving average and is currently testing the upper Bollinger Band. This breakout is supported by rising trading volume, signaling robust market interest.

The Relative Strength Index (RSI) stands at 61, indicating a bullish trend while staying below overbought levels. This suggests there is potential for further upward movement.

If the price remains above $0.57 and trading volume stays strong, the next key resistance level is $0.60. A successful breakout above this level could push the price toward $0.68.

However, if the price falls below the 50-day moving average at approximately $0.50, Sonic may revert to its previous trading range of $0.45–$0.50.

Upcoming Sonic Summit Could Drive Momentum

Looking ahead, Sonic Labs is set to host the highly anticipated Sonic Summit from May 6–8 in Vienna, Austria. Industry participants, including Trust Wallet, are expected to attend. Speculation about major announcements during the event could sustain the bullish momentum for Sonic’s S token in the near term.

The combination of Binance Wallet integration, growing liquidity, and upcoming developments positions Sonic as a blockchain to watch for investors and enthusiasts in the cryptocurrency space.

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