Sonic (S) Surges 15% to New All-Time Highs After Binance Wallet Integration

The news: Binance announced the integration of Sonic Chain with its Binance Wallet in a recent update. This addition allows users to interact with Sonic’s decentralized applications and send tokens directly from the Binance Wallet interface.

As part of its ongoing Alpha Projects campaign, Binance is also offering a chance for users to earn airdrop rewards for actively trading on Sonic Chain with the Binance Wallet.

“Exclusive $S and Sonic Chain ecosystem asset airdrops are coming for active traders on the new Sonic Chain. Full details will be announced separately,” Binance said in a statement on Monday.

The integration signals deeper collaboration between Binance and the Sonic ecosystem. This follows Binance’s integration of bridged USD Coin (USDC) on Sonic on April 29 to increase liquidity.

Market movements: Sonic showed a strong reaction to the news, with trading volume spiking by 182.8% to reach $275.8 million, and open interest climbing 20%, according to Coinglass.

Data from DeFiLlama shows that Sonic’s TVL hit an all-time high of $1.06 billion, marking a 3% increase from the previous day. Decentralized exchange volume also saw a surge, jumping from $73 million on April 30 to $116 million on May 1, showcasing a 58% increment.

Sonic, previously recognized as Fantom, is a fast Layer-1 blockchain boasting over 10,000 transactions per second and nearly instant finality. The chain is EVM-compatible and now supports native USDC through Circle’s Cross-Chain Transfer Protocol V2, which was integrated on April 15.

On the daily chart, Sonic broke out of a sideways trading range that spanned most of April. It closed above the 50-day moving average and is currently pushing against the upper Bollinger Band. This breakout is being fueled by rising volume. At 61, the relative strength index is in bullish territory but remains below overbought levels, suggesting potential for further rally.

If the price manages to stay above $0.57 and the volume continues to rise, the next significant resistance level is at $0.60. A clear breakout above that might lead to a move towards $0.68. However, if the breakout fails and the price drops below the 50-day moving average at around $0.50, Sonic might return to its previous range of $0.45–$0.50.