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Sonic’s 10% Drop – More Losses Ahead for the Altcoin Now?
The recent 10% drop in Sonic has raised concerns among investors and traders alike. Is this a sign of more losses to come, or is it a buying opportunity? Our analysis indicates that the bearish momentum may not be over yet.
Firstly, Sonic’s near-term price action could get worse before it gets better. The altcoin’s bearish breakout, accompanied by declining Open Interest and heavy long liquidations, suggests that selling pressure is on the rise.
On top of this, our data shows a significant drop in social engagement and sentiment around Sonic. This decline is concerning, as reduced interest from retail traders may lead to further price drops. If this trend continues, it’s hard to imagine a swift recovery for the altcoin.
Furthermore, we’ve seen a sharp increase in long liquidations, with Bybit and Binance recording significant losses among bullish investors. This imbalance highlights the growing bearish sentiment and increased selling pressure on Sonic.
In conclusion, based on these factors, I believe that more losses are ahead for Sonic in the short term. Unless there is a sudden shift in investor sentiment or buying volume, it’s hard to see how the altcoin can recover from this current slide.
I wish I could have been more optimistic about Sonic’s prospects, but unfortunately, the data paints a bleak picture.
Source: https://ambcrypto.com/sonics-10-drop-more-losses-ahead-for-the-altcoin-now/
