Sonic (S) is Rapidly Gaining Attention in the Crypto Market, with a Breakout Move Potentially on the Horizon

Sonic (S) is rapidly gaining attention in the crypto market, with a breakout move potentially on the horizon.

Sonic (S) is rapidly gaining attention in the crypto market, with a breakout move potentially on the horizon. The token, known for its innovative technology and strong community, has been showing signs of a strong bullish momentum, which could propel it to new highs.

After reaching an all-time high (ATH) of $1.03, Sonic is now trading nearly 48.88% below that peak. However, the current market dynamics suggest that the token could be on track to reclaim new all-time highs.

In the past 24 hours, the token has seen a 2% increase, currently trading with a 24-hour trading volume of $347.55 million and a market capitalization of $1.51 billion.

Despite being $0.94 or 48.88% below its all-time high, the current trading volume indicates a growing investor interest and a potential foundation for a strong price move.

Sonic (S) Eyes 480% Upside Potential

One of the key factors contributing to Sonic’s potential breakout is its technical chart. Notably, the token has formed a Hidden Bullish Divergence, a pattern often associated with upcoming price rallies. This divergence has been confirmed by both price action and the Relative Strength Index (RSI), which suggests that Sonic’s current consolidation phase is a precursor to a larger upward move.

Crypto strategist Javon Marks has recently identified Sonic as a potential gem, highlighting that the token could experience a massive 480% surge, potentially reaching the $3.30 level.

Marks notes that the token’s price history, recent accumulation, and positive volume all contribute to the likelihood of a major upward move. Considering the token’s performance from its 2023 low and the recent price action, reaching $3.30 seems like a plausible scenario in the near future.

Another interesting observation is the significant increase in trading volume. Volume is a crucial factor in confirming price movements, and the recent influx of buying activity provides substantial support for a potential breakout.

This volume surge could act as a key catalyst, propelling the token to new highs as it gains momentum.

As the crypto market continues to show strong bullish momentum, Sonic is well-positioned to capitalize on this trend. With its technical indicators aligning for a breakout and the token’s growing support from both retail and institutional investors, Sonic is a promising project to watch in the coming months.