Sonic (prev FTM) has been gaining traction in the crypto market, with increasing onchain activity and a strong price movement. Market analyst Haris Ebrat emphasized how Sonic’s Layer 1 blockchain is outperforming competitors like Solana (SOL) and Base (BASE) on X.
Haris highlighted Sonic’s rapid transaction speeds and growing ecosystem, positioning it as a strong contender in the blockchain space. Meanwhile, technical analysis suggests bullish momentum, as Sonic’s price has broken out of a rising wedge pattern.
Ebrat’s tweet pointed out that since February, Sonic has been leaving other Layer 1 and Layer 2 networks behind. He noted that while Solana and other Layer 1s experienced setbacks, Sonic’s ecosystem continued to expand. According to the tweet, Sonic remains undervalued despite its recent growth, making it an asset to watch.
The blockchain’s fast transaction speeds and increasing adoption have fueled speculation about its future price trajectory. Market observers have started comparing Sonic to major networks, questioning whether it can sustain its momentum and challenge Solana’s dominance.
Read Also: Analyst Calls LTC “Truly Cursed” as Litecoin Price Breakout Faces a Major Test
What you'll learn 👉
Technical Indicators Point to Bullish Momentum For S Price
Sonic’s price is moving up after going down for a while, which might mean it’s starting to turn around. Right now, it costs $0.5839, which is above the 9-period EMA of $0.5818. This signals ongoing buying pressure.
The RSI is at 58.95, approaching the overbought zone but still within neutral territory. This tells us momentum is good but not overhyped. Recently, Sonic broke out of a pattern called a rising wedge – even though this pattern usually leads to price drops, in this case, buyers pushed the price higher instead.
Looking at the price movements, $0.58 is an important level – it used to block the price from going higher, but now it should help keep the price from falling. If it does fall, $0.55 and $0.50 could catch it. On the way up, it might hit roadblocks around $0.65 to $0.70 soon but could reach $0.80 or even $1.00 if it keeps climbing.
The price might drop back to test that $0.58 level before going higher again. If the uptrend holds, price targets of $0.70 and above remain within reach. Onchain data showing increased activity further supports the potential for continued growth.
Will Sonic ($S) Reach $1?
As onchain activity surges and price momentum strengthens, the possibility of Sonic reaching $1 has gained attention. With the positive technical signs and more people using it, traders are keeping an eye on Sonic’s price. It still faces hurdles like market swings and tough competition, but its recent breakout and growing ecosystem make it a project worth watching in crypto.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
