Despite Bitcoin's strong momentum, major altcoins have been under pressure and corrected. Sonic and Uniswap have been among those to lose a significant portion of their value in recent months. In this article, we look at how they are recovering post-fall.
Sonic (S) at a Turning Point
Sonic (S), previously known as Fantom (FTM), broke out of a three-year descending triangle in October 2024. The breakout occurred as the price surged above the upper resistance trendline near $0.66, reaching a local high of $1.47. However, the recent correction saw prices drop to $0.32 to test the breakout trendline, then climb back to $0.46. If support holds, Sonic may aim for crossing the 100 & 200 SMA, potentially reaching the next resistance around $1.47.
Uniswap (UNI): The Road to Recovery
Uniswap (UNI), in November 2024, broke out from a long-standing descending triangle that had been developing since the last bull run in 2021. This breakout was confirmed when UNI surged past the upper resistance trendline at $9.50, reached a local high of $19.46, and then pulled back for a retest. Currently, UNI has tested its breakout trendline near $7 and has rebounded to $9.34. If support holds, UNI may target the 200 SMA, allowing the price to strive toward the next resistance level at $19.46.
Is a Bounce Expected?
Both S and UNI are retesting their breakout levels, and a successful bounce could confirm a bullish continuation. However, their next moves will largely depend on Ethereum (ETH) recovery and broader crypto market sentiment. Should ETH continue to recover, this could provide the needed momentum for altcoins like S and UNI to confirm a bounce and begin a new bullish trend.
Sonic and Uniswap face a period of high stakes and market uncertainty but retain potential for bouncing back by confirming their key support levels.
