Sonic (S) is trading 2% up in the past day as it total value lock (TVL) hit a new all-time high at $350 million.
By Parth Dubey
Edited by Julia Sakovich
Updated
3 mins read
Sonic S $0.62 24h volatility: 1.5% Market cap: $1.96 B Vol. 24h: $181.98 M has shown strength in the crypto market, currently trading at around $0.47, marking a 2% gain in the last 24 hours. The token’s market capitalization has also surged to $1.36 billion. This bullish momentum coincides with Sonic achieving a new all-time high in Total Value Locked (TVL) on February 12, which now stands at a staggering $350 million, according to DeFiLlama.
This surge in TVL marks a 30x increase in less than two months, showcasing the rapid adoption of Sonic’s blockchain capabilities. It has also demonstrated transaction speeds exceeding 16,000 TPS. The impressive milestone comes after Sonic’s December 2024 upgrade on Fantom, aimed at enhancing scalability, transaction speed, and network efficiency. Adding to the excitement, Sonic is also working on a $100 million airdrop, rewarding user engagement and liquidity inflows.
Last year, Fantom (FTM) announced that it is rebranding to Sonic (S) in an attempt to debut a new “layer-1 platform with a secure gateway to Ethereum”. The protocol claims to have the fastest settlement layer for digital assets with a confirmation time of just one second. Since then, the S token has dropped substantially, down 42.12% since inception in January.
On the 4-hour Sonic price chart, the Bollinger Bands indicate that the price is currently testing the upper band, confirming that the bulls are overall in control. A retest of the middle band (20-period SMA which is acting as a dynamic support zone) is quite likely. The middle band’s support is currently near $0.4364.
The Relative Strength Index (RSI) stands at 62.62, approaching overbought territory but still leaving room for potential upside. The RSI’s upward trajectory, coupled with a bullish crossover of its moving average, suggests sustained buying momentum. If the RSI breaches the 70 level, traders might anticipate a short-term pullback before further gains.
Source: TradingVieww
Meanwhile, the MACD (Moving Average Convergence Divergence) remains in bullish territory, with the MACD line (blue) trading above the signal line (red), confirming the ongoing uptrend. However, traders should keep an eye on a potential loss of momentum, as histogram bars show bearish signs, hinting at a possible short-term consolidation.
Sonic price is hovering around the 0.236 Fibonacci level at $0.4557, which, if flipped into support, could result in a rally toward the $0.50 psychological resistance. However, if sellers push the price lower, the 0.382 Fibonacci level at $0.4404 and 0.618 at $0.4141 serve as potential support zones.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
