Sonic (prev. FTM) price has gained momentum, rising by 9.62% today and emerging as the top gainer in the market at the time of writing. The token sits at $0.4915, accompanied by an 8.88% increase in trading volume. Market sentiment has also strongly surged, aligning with bullish technical indicators.
Recent data reveals that Sonic is showing strength against Bitcoin (BTC), as crypto analyst Smartmoney_Detective noted on X (formerly Twitter). The post emphasized that Sonic’s sentiment has flipped bullish, reflecting a potential shift in investor confidence.
Meanwhile, prominent analyst CryptoBull_360 highlighted the presence of a bullish Marubozu-like candle on the 4-hour timeframe, suggesting growing momentum and a possible breakout opportunity.
What you'll learn 👉
Sonic Technical Analysis: Resistance Test and Breakout Possibility
Sonic’s price action shows an ongoing retest of the descending trendline resistance, which has historically rejected multiple breakout attempts. If the asset successfully surpasses this level and confirms higher support, it could signal a trend reversal or short-term rally.
Multiple support and resistance zones are visible on the chart. The current support zone aligns with a key demand area, which has played a role in forming a higher-low structure. On the upside, resistance levels have been mapped out, with the most immediate one coinciding with a previous consolidation area. A confirmed breakout and sustained trading above this zone could open the door for further upside movement.
The Marubozu-like candlestick pattern mentioned in CryptoBull_360’s tweet reinforces the bullish outlook. This type of candle suggests strong buying pressure, although further confirmation through follow-up price action is required.
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Sonic Sentiment Data: Growing Optimism in the Market
Sentiment analysis indicates a notable shift in market perception, with a rapid surge in positive outlook. The data shows that sentiment remained neutral or slightly positive for an extended period before spiking toward the upper range. This increase correlates with Sonic price performance against BTC, hinting at renewed market interest.
A support level in sentiment is evident near zero, where previous sentiment levels were stagnant before experiencing the breakout. The resistance zone for sentiment appears near 0.8 to 1, where fluctuations are now occurring.
Sonic (S) Market Outlook: Key Factors to Watch
The alignment of technical strength and positive sentiment suggests that Sonic price could continue its bullish trajectory if price action confirms a breakout. However, a rejection at resistance could lead to a retracement toward the previous support level.
Traders are monitoring volume trends as an increase at resistance levels often validates breakout attempts. Additionally, Sonic’s performance relative to BTC’s market movements may provide further indications of its potential direction in the coming days.
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