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Sonic Price- Sonic (S) Gears Up for Reversal as TVL Tops $2B
Sonic Price– Sonic (S) has maintained strong support near $0.316, trading in a tight range for days and forming what looks like a double bottom pattern. This level has held since late April, despite broader crypto market pullbacks, suggesting consolidation rather than capitulation.
Technical Setup Suggests Reversal Potential
A breakout above the current downtrend resistance could confirm a bullish reversal. If upward momentum builds, the next resistance to test is around $0.409. This setup has started to attract attention, especially as the overall structure supports accumulation rather than distribution.
On-Chain Activity Points to Growing Interest
According to recent data, DEX volume for Sonic rose by 16.97% in the last 7 days, totaling over $539.95 million. Despite this, DEX activity still represents just 0.32% of total trading, showing that most volume occurs on centralized platforms. However, the rise in DEX participation may signal growing user desire for control during market uncertainty.
Spot and Whale Flows Reflect Accumulation
On June 17, spot market inflows totaled $4.13 million, while outflows were $3.55 million, showing relatively neutral netflows. However, whales significantly increased their holdings, with a 1,170% netflow surge over the past week. Historically, such aggressive moves by large holders have preceded notable price rallies.
Sentiment Still Bearish, But That May Change
As of writing, 96.61% of Sonic holders remain out of the money, highlighting deep bearish sentiment. Yet, this could reduce short-term selling pressure and create a stronger launchpad for a breakout if resistance is breached.
Suppressed sentiment often breeds unexpected volatility, especially when catalysts like whale accumulation and rising DEX volume enter the equation.
With a solid $2B TVL, whale activity climbing, and key technical patterns forming, Sonic may be approaching a crucial turning point.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
