Sonic (prev FTM) is gaining momentum as its price climbs to key resistance levels, reflecting a strong recovery from previous declines. The asset has posted a 10.69% gain today, accompanied by a 64.49% surge in trading volume, signaling heightened market activity. The rally aligns with a broader uptrend, with Sonic’s price rebounding from a rounded bottom formation and establishing higher lows.
Crypto expert Michaël van de Poppe emphasized the rapid expansion of Sonic’s Total Value Locked (TVL) on X (formerly Twitter), which has increased from under $100 million to over $400 million in less than two months. He described Sonic as a potential competitor to Solana (SOL) due to its high throughput and fast settlement capabilities.
What you'll learn 👉
Sonic Technical Analysis: Resistance Test and Potential Breakout
The price of Sonic (S) has transitioned from a bearish trend into an uptrend, forming a series of higher lows and higher highs. The price is now approaching a key resistance zone, which previously acted as a supply level where sellers stepped in. A decisive break above this level could confirm a bullish breakout, potentially pushing Sonic to new highs.
Market strength is evident in rising trading volume, with the highest spikes occurring at the recent bottom. This suggests accumulation by buyers before the latest upward move. The RSI keeps climbing, showing the price has good momentum. But it’s getting close to overbought levels; the price of Sonic might need to cool off a bit if buyers start to slow down.
Fundamental Strength: Sonic TVL Growth and Market Sentiment
Beyond technical indicators, Sonic (S) is supported by robust on-chain metrics. We’re seeing some serious growth in TVL, jumping from $100M past $400M. More people are using Sonic and adding liquidity, making it a real competitor to networks like Solana.
Van de Poppe noticed this too – he tweeted about how Sonic’s price has bounced back stronger than most others. Looking at the chart, you can see why he’s optimistic about it.
Sonic Future Scenarios: Breakout or Rejection?
The coming days will be crucial for Sonic’s price as it tests resistance. The price could keep going up if we see strong volume supporting it. But if it gets rejected here, we might see it fall back to earlier support before trying to push higher again.
Between the growing adoption, more blockchain activity, and strong price movement, it’s worth keeping an eye on Sonic (S) around these price levels.
Read Also: Pi Network (PI) Dips 60% After Launch—And It Could Get Worse: Here’s Why
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.
