Sonic Approves $150 Million Expansion Strategy for US Market Entry
Sonic, previously known as Fantom, has initiated a $150 million expansion strategy after a community vote supported the proposal with 99.99% approval. Key initiatives include:
- $50 million ETF initiative
- $100 million investment program
- Establishment of Sonic USA in New York City
This marks a shift from Sonic’s previous tokenomics, which left the foundation with only 3% of its token supply. To compete effectively, Sonic plans to issue 150 million new S tokens.
ETF Launch Details
The plan involves launching a US-regulated ETF through a provider managing over $10 billion. Custody will be managed by BitGo, and a private investment structure will lock S tokens for three years to enhance institutional confidence. The community voted overwhelmingly, with approximately 860.6 million votes in favor versus 51,200 against.
Price Analysis
The S token is currently trading around $0.31, consolidating within a symmetrical triangle pattern. Key resistance levels are identified at $0.34-$0.35, with possible targets of $0.42 and $0.50 if momentum increases. Support is near $0.29, with potential downside risks to $0.26 or $0.22 if selling pressure escalates.
The RSI indicates no strong momentum bias, while the MACD is close to the signal line. The Chaikin Money Flow stands at –0.01, suggesting muted capital inflows.
S token’s price chart as of September 1st. | Source: TradingView