Sonic cryptocurrency spikes 15% following Binance Wallet’s S token integration. The total value locked (TVL) now exceeds $1 billion. Trading volume increased significantly after the announcement while Sonic sees notable bullish price patterns and community anticipation builds ahead of the Sonic Summit later this month.
In a notable gain for the cryptocurrency space, Sonic has surged by 15% following the announcement from Binance Wallet about integrating the S token. The news, released on May 1, lets users engage with Sonic’s decentralised applications (dApps) and transfer tokens directly within the Binance Wallet interface. This integration is part of Binance’s Alpha Projects campaign, which also teased potential airdrop rewards for active users trading on the Sonic platform.
The collaboration between Binance and the Sonic ecosystem appears to be intensifying. Just days before this announcement, on April 29, Binance had integrated bridged USD Coin (USDC) with Sonic, further aiming to boost liquidity on the blockchain. Market reactions have been immediate and significant following this news.
Trading activity around Sonic skyrocketed, with trading volume shooting up 182.8%, landing at $275.8 million. Plus, there was a notable rise in open interest, up by 20%, as reported by Coinglass. According to statistics from DeFiLlama, Sonic’s Total Value Locked (TVL) reached a jaw-dropping $1.06 billion, marking a 3% increase from the previous day. Additionally, daily volumes for decentralised exchanges more than doubled, going from $73 million to $116 million in a single day, a remarkable 58% jump.
Sonic, which rebranded from its former name Fantom, is a high-speed Layer-1 blockchain that boasts impressive capabilities of over 10,000 transactions per second and near-instantaneous finality. The blockchain is also EVM-compatible and supports native USDC through Circle’s Cross-Chain Transfer Protocol V2, first introduced on April 15.
On the technical front, Sonic’s price action has broken free from a sideways trading pattern that dominated April. It finished above the 50-day moving average and is speculated to be nudging against the upper Bollinger Band. This breakout is backed by increasing trading volume, which indicates growing interest. With a relative strength index (RSI) reading of 61, it suggests a bullish outlook yet still holds some room to grow before hitting overbought levels.
Should Sonic maintain its price above $0.57 with sustained volume levels, significant resistance is anticipated at the $0.60 mark. If it clearly breaks through this barrier, the next upward target could be around $0.68. However, if the momentum falters and prices drop below the 50-day moving average, there’s a potential for a fallback to the previous range between $0.45 and $0.50.
Looking to the future, Sonic Labs is slated to host the Sonic Summit from May 6 to 8 in Vienna, Austria. This event is expected to attract participants like Trust Wallet and could lead to consequential announcements that might further propel the bullish sentiment surrounding the S token. The community is keeping a watchful eye on developments as the summit approaches.
