After a significant price drop, Sonic (S) managed to grow 31% from its historical low. This growth is due to increased demand from traders taking advantage of buying opportunities at low prices. Capital inflow to the Sonic spot market has increased, reaching $215,000 according to CoinGlass data. This trend reflects growing investor confidence and improved demand for S. Additionally, the number of open positions is increasing, currently at $41.05 million, a 33% increase from the previous day. The rise in open positions signifies new capital entering the market, potentially strengthening the price uptrend. If this trend continues, the possibility of further Sonic price growth exists. Analysis of Sonic’s 12-hour chart shows S approaching the key resistance of the 20-day Exponential Moving Average (EMA 20). Since the beginning of February, this level has acted as a primary barrier to price increases. Crossing the EMA 20 could signal a positive trend and confirm buyers’ return to the market. Breaking this resistance could push Sonic’s price to $0.59. However, if traders take profit, a price correction to $0.33 is possible. Visit the digital currency price page to monitor token and cryptocurrency prices live and in real-time.
