Sonic (S) Price Reclaims Key Levels as On-Chain Metrics Spike: What's Next?

Sonic (prev FTM) is gaining momentum as its price climbs to key resistance levels, reflecting a strong recovery from previous declines.

Sonic (S) price is up another 10% today, continuing a strong rally that has seen the asset double in price in a matter of weeks. The latest leg up comes as Sonic price tests a key resistance level, presenting a critical juncture for the next market move.

Sonic (S) price rallies 10%, testing crucial resistance level

Sonic (S) price continues to defy gravity, notching another 10.69% gain today. The asset is now trading at $0.4041, up from a low of $0.1998 on 15 December.

The latest rally sees Sonic price testing a key resistance level, which was previously a supply zone where sellers stepped in. A decisive break above this level could confirm a bullish breakout, potentially pushing Sonic to new highs.

Technical analysis suggests that the price of Sonic (S) has transitioned from a bearish trend into an uptrend, forming a series of higher lows and higher highs.

Rising trading volume is also adding strength to the market move, with the highest spikes occurring at the recent bottom. This indicates accumulation by buyers before the latest upward move.

The RSI is continuing to climb, showing that the price has good momentum. However, it is getting close to overbought levels; the price of Sonic might need to cool off a bit if buyers start to slow down.

Sonic (S) price technical analysis from TradingView.

Sonic (S) price technical analysis: Key levels to watch

The price of Sonic (S) is now at a critical juncture as it tests a key resistance level.

If the price can continue to rise with strong volume, we could see it break out of this resistance and continue moving toward new highs.

However, if the price gets rejected here, we might see it fall back to earlier support before trying to push higher again.

Sonic (S) price analysis from CoinMarketCap.

Sonic (S) price analysis: Key upcoming events

The coming days will be crucial for Sonic's price as it tests resistance.

Between the growing adoption, more blockchain activity, and strong price movement, it’s worth keeping an eye on Sonic (S) around these price levels.