Sonic Sees 30% Price Increase Post-Rebranding, Currently Trading at $0.5861
Sonic, formerly known as Fantom, is trading at $0.5861 after a rebranding that has led to a 30% price increase last week, followed by a 10% rise this week.
Price Action Analysis
- Breakout from a falling channel pattern initiated in late December 2024.
- Recovery from the $0.39 support level, surpassing local resistance trendlines.
- Current surge near 50%, with Fibonacci levels targeting $0.64 next.
- Positive alignment of MACD and RSI indicators supports bullish momentum.
On-Chain Developments
- Total value locked surged from $11 million to $414 million.
- Transaction volumes increased from $200,000 to $40 million.
- Revenue rose from $0 to $110,000.
- 31% of total supply staked; implications for supply crunch due to reduced availability on centralized exchanges.
- 70 million tokens bridged into Sonic, contributing to significant inflows.
Price Predictions
- Potential targets near $1 and further towards $2.43 if market conditions remain stable.
- Support levels noted at $0.53 and $0.50.