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Sonic jumps 11% after long slump: Price can reach $0.40 IF…
Sonic has suddenly jumped by over 11% in the past 48 hours, marking a drastic change from its prolonged period of decline. This sudden surge has sparked both optimism and concern among traders as they wonder if this is merely a relief bounce or the beginning of a more substantial turnaround.
The token’s overall structure has remained bearish for an extended period, with lower highs forming consistently since early Q2. However, this recent rally appears to have broken that pattern, pushing the price above a key resistance level. This subtle shift may indicate early signs of a reversal, especially if the current bullish momentum manages to hold.
One piece of positive news comes from the circulating token turnover, which suggests more tokens are actively moving – often a sign of renewed interest or repositioning by both retail and whales. The spike in circulation is likely due to traders seeking to capitalize on the recent price surge.
Despite this sudden growth, bubble maps show signs of caution. Sonic’s Spot Volume Bubble Map was showing signs of cooling at press time, indicating that some traders are still hesitant to heavily commit to the asset. This skepticism may be attributed to Sonic’s weak track record in recent months.
On a more positive note, the Futures Volume Bubble Map had cooled down before turning neutral over the last four days, indicating improved activity in the Futures market. Historically, the Futures market has always been the first to react to volatility before the spot market, and in Sonic’s case, this variation paints an optimistic bullish picture.
As of now, bulls have the upper hand if they can push Sonic past the immediate resistance level. The next target would be in the $0.4076 to $0.5438 zone, where prices faced rejections in late May and early June, respectively.
However, it’s essential to note that momentum is still fragile at this stage, and much depends on whether turnover strength can outpace the fading derivative support. If the volume sustains and sentiment holds, Sonic could finally flip its mid-term trend. Any rejection at the higher resistance level might send it into short-term corrections.
In summary, while Sonic’s recent 11% jump may be a sign of relief or the start of something more substantial, only time will tell if this trend can continue.
Source: ambcrypto.com
