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crypto.news 2025-05-02 05:54:44

Sonic rallies 15%, TVL reaches new ATH as Binance Wallet announces S token integration

Sonic rallies 15%, TVL reaches new ATH as Binance Wallet announces S token integration

Sonic surged 15% and total value locked reached a new all-time high after Binance Wallet announced its integration with the Sonic blockchain. The update, which was announced on May 1, allows users to interact with Sonic’s ( S ) decentralized applications and send tokens straight from the Binance Wallet interface. As part of its ongoing Alpha Projects campaign, Binance also hinted at airdrop rewards for active traders who use the wallet on Sonic. #SonicChain is now supported on #Binance Wallet ! Discover and Trade the latest Alpha tokens on this chain 🌐 🔸Exclusive $S and Sonic Chain ecosystem asset airdrops are coming for active traders on the new Sonic Chain. Full details will be announced separately. 🔸A new batch… pic.twitter.com/SFp0HP8eVG — Binance Wallet (@BinanceWallet) May 1, 2025 While full details are still pending, the announcement signals deeper collaboration between Binance and the Sonic ecosystem. This comes after Binance integrated bridged USD Coin ( USDC ) on Sonic on Apr. 29 to increase liquidity. Market activity around Sonic spiked following the news. Trading volume rose by 182.8% to $275.8 million, and open interest climbed 20%, according to Coinglass. DeFiLlama data shows Sonic’s TVL hit an all-time high of $1.06 billion, up 3% from the previous day. Decentralized exchange volume also jumped from $73 million on Apr. 30 to $116 million on May 1, a 58% increase. You might also like: Crypto researcher explains why Sonic price may surge 10x Sonic, previously known as Fantom, is a fast Layer-1 blockchain claiming over 10,000 transactions per second and near-instant finality. The chain is EVM-compatible and now supports native USDC via Circle’s Cross-Chain Transfer Protocol V2, integrated on Apr. 15. On the daily chart, Sonic broke out of a sideways trading range that lasted most of April. It closed above the 50-day moving average and is now pushing against the upper Bollinger Band. This breakout is supported by rising volume. At 61, the relative strength index is bullish but still below overbought levels. This suggests there may still be room for the rally to continue. Sonic price analysis. Credit: crypto.news If the price maintains above $0.57 and the volume stays high, the next significant resistance level is $0.60. A clear breakout above that might lead to $0.68. Sonic may revert to its previous range of $0.45–$0.50 if the breakout fails and the price falls below the 50-day moving average at about $0.50. Looking ahead, Sonic Labs will host the Sonic Summit from May 6–8 in Vienna, Austria, with participants including Trust Wallet. Anticipation of major announcements at the event could sustain bullish momentum for the S token. Read more: Sonic debuts Mobius mainnet, first chain extension on Solana

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