Sonic Price Surges 15% Ahead of $78M Token Unlock Event
Sonic's price exceeded $0.34 on July 3, rising 15% in 48 hours due to traders preparing for an unlock event. Technical indicators suggest potential for further gains.
Sonic Nears $1B Market Cap with Rally
- Sonic gained 15% on July 3, reaching $0.33.
- Price increase coincides with market sentiment and network development updates.
- $78.1 million worth of tokens is set to unlock on July 5, which may impact market supply.
- Current market cap is approximately $975 million.
- Trading volume surged above $90 million, indicating increased investor participation.
Technical Analysis and Price Prediction
- Sonic broke above the 20-day Simple Moving Average at $0.31, now a support level.
- Bollinger Bands are widening, suggesting increased volatility.
- The MACD shows a bullish signal, indicating potential upward momentum.
- Targets include breaching $0.35 and potentially reaching $0.38.