The Sonic price has jumped by ~30% in the last 7 days, highlighting increased buying pressure for the altcoin in the crypto market. Moreover, the bulls maintained the value above the $0.60 mark. This resulted in the altcoin experiencing a positive bounceback.
Will the crypto bulls maintain their optimistic sentiments, to help the Sonic crypto price reclaim its $1 mark? In this article, we at CoinPedia have uncovered the short-term market sentiment and possible Sonic Price Analysis just for you!
The price of Sonic token has jumped by 10.38% in 24 hours with a trading volume of $248.612 million. Furthermore, it has surged 30.81% over the past seven days, indicating an increase in the buying pressure. With a market cap of $1.730 billion, it has secured the 54th position in the market.
The Relative Strength Index (RSI) has successfully retested its oversold range in the daily time frame. This has resulted in it surpassing its neutral point and heading toward its overbought range. With its average trendline recording a similar action, the Sonic price may continue gaining value this week.
Furthermore, the SMA indicator constantly acts as a support to the Sonic price chart. This highlights a positive outlook for the altcoin in the upcoming time.
If the market favors the bulls, this could result in the FTM price heading toward its immediate resistance level of $0.6400. Moreover, if the bulls maintain the price above that level, this could set the stage for it to head toward its upper high of $0.8575 this month.
On the contrary, if the bears outrun the bulls, the Sonic coin price could retest its support level of $0.4780. Furthermore, if the bearish sentiment intensifies, this could result in it plunging toward its crucial support level of $0.3590.
Are you one of many who are trying to find answers to questions like “Can FTM reach $10?” Read CoinPedia’s latest Fantom Price Prediction to uncover the potential mysteries until 2030!
Fantom has reportedly rebranded itself to Sonic to shift its market position. Sonic will roll out new features in its ecosystem to increase community involvement and polling.
If the bullish sentiment sustains, the Fantom price may reach a maximum trading price of $3.72 this year.
At the time of writing, the value of one FTM crypto token was $0.5911.
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