Sonic’s S token has emerged as the top gainer in the last 24 hours, surging 15% amid a broader crypto market recovery. Now trading at $0.51, the token is testing a key resistance level. Investor sentiment is turning bullish, suggesting the rally could extend further.
Sonic’s Bullish Momentum Strengthens
Sonic’s price is attempting to break above the Ichimoku Cloud, a key technical indicator. The token has already crossed Leading Span A (green) and is now pushing toward Leading Span B (red).
The Relative Strength Index (RSI) is also climbing toward the 50-neutral line, reinforcing the bullish momentum. A rising RSI suggests increasing buying pressure, further supporting the bullish reversal.
Can Sonic (S) Break $0.66 or Will It Drop to $0.33?
If demand remains strong, S could break above $0.59 and rally toward $0.66, confirming an extended uptrend.
However, if selling pressure increases, the price could fall below the Ichimoku Cloud and drop to $0.33, invalidating the bullish outlook.
For now, holding above resistance levels is crucial to maintaining momentum and pushing the rally further.
Disclaimer: Not Investment Advice
it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.
Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.
