Sonic (S) Reaches New All-Time High with $350 Million TVL
Sonic (S) is currently trading at approximately $0.47, reflecting a 2% increase over the past 24 hours. Key points include:
- Market capitalization has reached $1.36 billion.
- Total Value Locked (TVL) has surged to $350 million, representing a 30x growth in less than two months.
- Transaction speeds exceed 16,000 TPS following the December 2024 upgrade on Fantom that improved scalability and efficiency.
- A $100 million airdrop is planned to enhance user engagement and liquidity.
- Sonic rebranded from Fantom last year and aims to be a leading layer-1 platform with fast settlement times.
- The S token has decreased by 42.12% since its launch in January.
Sonic Price Analysis
Current technical indicators show:
- Bollinger Bands suggest price testing the upper band, indicating bullish control.
- Support near $0.4364 based on the 20-period SMA.
- Relative Strength Index (RSI) at 62.62, nearing overbought conditions but still showing potential for upward movement.
- MACD indicates an ongoing uptrend despite signs of potential short-term consolidation.
- Sonic price at the 0.236 Fibonacci level ($0.4557); flipping this to support could lead to a rally towards $0.50.
- Potential support levels are at 0.382 ($0.4404) and 0.618 ($0.4141) Fibonacci levels if the price declines.
