Sonic Token Surges 7% as CMCC Global Launches $25M Ecosystem Fund
On September 30, the Sonic (S) token experienced a 7% price increase, boosting its market cap by over $50 million. This surge followed CMCC Global's launch of a $25 million fund, "Resonance," aimed at accelerating growth in the Sonic ecosystem.
- The Resonance fund focuses on DeFi protocols and consumer applications within the Sonic network.
- The fund will promote Fee Monetization (FeeM) as a revenue model for smart contract developers.
The announcement led to a significant increase in Sonic's market activity, with trading volume rising 70% to $126 million. Currently, S trades at approximately $0.26, with a market capitalization of $750 million.
Institutional Interest and Market Optimism
Mitchell Demeter, Sonic Labs’ new CEO, expressed optimism about the fund’s impact, noting it would support builders and innovators in the Sonic ecosystem. Institutional participation indicates growing recognition of Sonic's potential.
- Sonic has secured major exchange listings, launched native USDC issuance, and integrated with Chainlink’s CCIP.
- A $150 million expansion strategy was approved on August 31 to boost Sonic's entry into the U.S. market.
Sonic (S) Price Recovery Signs
The RSI on the daily S price chart shows increased buyer interest, suggesting potential bullish momentum, with resistance levels around $0.28 and $0.33.
Bollinger Bands indicate a rebound from the lower band, hinting at a reversal toward the mid-band resistance at $0.28. Traders should monitor the support level around $0.24 for potential buying opportunities.