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Sonic Jumps 11% After Long Slump: Price Can Reach $0.40 IF…
After a prolonged period of decline, Sonic (S) has finally shown some signs of recovery by surging 11% in the past 24 hours. This sudden and unexpected surge has left many market analysts intrigued about what lies ahead for this altcoin.
At first glance, it may appear that the recent rally is nothing more than a mere relief bounce, but closer inspection reveals that there are actually some fundamental changes happening beneath the surface. The most important takeaway from this latest development is that Sonic’s overall structure has finally broken out of its bearish pattern, with lower highs consistently forming since early Q2.
However, despite the recent spike in turnover and token circulation, market structure shows caution. Spot Volume Bubble Map has been showing signs of cooling at press time, suggesting a slowdown in aggressive positioning. This could be attributed to Sonic’s weak track record in recent months, leading many traders to remain hesitant about repositioning heavily.
On the flip side, Futures Volume Bubble Map had cooled off before turning neutral over the past four days, indicating that some activity is still present within this market segment. This development paints a more optimistic picture for the altcoin.
As things stand, if bulls manage to push Sonic past its immediate resistance level of $0.3604, there’s potential for the asset price to reach up to $0.4076 to $0.5438 zone, where prices faced rejections in late May and early June respectively.
For now, the momentum building behind Sonic is fragile. What happens next largely depends on whether turnover strength can outpace fading derivative support. If volume sustains and sentiment holds, it’s not entirely impossible for Sonic to flip its mid-term trend. However, any rejection at higher resistance levels could lead to short-term corrections.
Source: ambcrypto.com
