Today, on March 15, 2024, amidst an overall cryptocurrency market downturn of nearly 4% and struggling to gain momentum, Solana’s SOL experienced a price surge of over 6%. The primary reason behind Solana’s SOL price surge in this market condition might be the recent collaboration between Solana and the Binance web3 wallet.
Why Solana’s price is increasing?
However, this collaboration allows Binance users to seamlessly manage and trade SOL, gaining access to a range of dApps and upcoming airdrops. Additionally, with this integration, crypto enthusiasts can easily manage Solana assets in the multi-chain wallet and seamlessly swap Solana-based tokens.
#Binance Web3 Wallet has integrated @solana!Seamlessly manage and trade $SOL and get access to a range of dApps and upcoming airdrops. Update the app and activate your $SOL wallet to try it out
— Binance (@binance) March 15, 2024
With this impressive collaboration, Solana’s SOL is currently experiencing a massive gain, while top cryptocurrencies like Bitcoin, Ethereum, Binance Coin, Cardano, and many others are experiencing massive declines in this market.
Top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices have dropped by over 6% in the last 24 hours, whereas BNB experienced a price fall of over 5% in the same period. This downturn might represent a market correction, as the overall cryptocurrency market experienced a significant price surge in the last 30 days without any pause.
Solana price-performance analysis
With all these, currently, Solana’s SOL is trading near $177, having experienced a price surge of over 6% in the last 24 hours, reaching a high of $185.9. Looking at SOL’s performance over a longer period, in the last 7 days, Solana’s SOL has gained over 22% in upside momentum, while in the last 30 days, it has gained over 52% in upside momentum.
Besides impressive price performance, investors, as well as traders’ interest, is highly observed in Solana’s SOL as the 24-hour trading volume has also increased by 65% and currently stands near $10.9 billion. Besides Solana’s SOL, this Solana-based dogwifhat (WIF) and Jupiter (JUP) also experienced a massive price surge in this struggling market. Solana-based WIF tokens in the last 4 hours experienced a price gain of over 15%, whereas JUP tokens experienced a price surge of over 5%.
According to expert technical analysis, Solana’s SOL is bullish and is heading towards the $200 mark. The potential for SOL to hit $200 is high due to investor and institutional support. This price surge in SOL follows the breakout of the resistance level near $141. Since the breakout, SOL has experienced a massive surge, and now the next resistance is at $200.
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