Sonic (prev FTM) is witnessing a surge in trading activity and total value locked (TVL), raising speculation about a potential price breakout. The latest market data shows that the price of S has climbed nearly 15%, accompanied by a 59.23% increase in trading volume. This upward trend comes as TVL approaches the $500 million mark, further fueling bullish sentiment.
Onchain analyst Haris Ebrat highlighted the rapid growth in Sonic’s ecosystem on X, emphasizing that bridge volume from other chains is increasing alongside TVL. According to Ebrat, S remains an undervalued asset, and double-digit prices could be on the horizon. The latest technical analysis also supports the possibility of an imminent breakout.
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Sonic’s TVL and Ecosystem Expansion
The rise in TVL, which measures the total capital locked within the Sonic ecosystem, signals growing investor confidence. If the trend continues, $500 million in TVL could be reached by the start of next week. Increased bridge volume from other blockchain networks indicates broader adoption, suggesting that Sonic is expanding its reach beyond its native environment.
Historically, assets with rising TVL and trading volume tend to attract more attention, often leading to price surges. Market participants are monitoring Sonic’s development, as the ecosystem gains traction and strengthens its market position.
Sonic Technical Analysis Suggests a Potential Breakout
The charts show Sonic forming a bullish wedge pattern, pointing to a potential move higher. The price sits at $0.5274 now, with support levels at $0.34 – $0.35 below the current price. A confirmed breakout above this level could push the price towards $0.70, with an eventual target of double-digit values.
Indicators such as MACD and RSI reinforce the bullish outlook. The MACD line is crossing above the signal line, suggesting growing momentum. Meanwhile, the RSI remains at 54.77, reflecting bullish strength without being overbought. If volume continues to rise, the breakout could happen sooner rather than later.
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Sonic (S) Market Outlook and Next Steps
Looking at Sonic’s price action right now, all eyes are on whether it can keep climbing. If it breaks past $0.60, we could see it take off. But if it drops below $0.29, it might need to pull back and reset before making another push higher.
As Sonic’s ecosystem expands and TVL continues to rise, market analysts anticipate increased demand for S. While the possibility of double-digit prices remains uncertain, the combination of onchain growth and bullish technical indicators suggest that Sonic’s price could be poised for further gains shortly.
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