The cryptocurrency market continues to demonstrate strength, particularly the token Sonic (S) which is showing positive signals amid anticipated potential rates cuts by the US Federal Reserve.
Positive Trends in the Crypto Market
Amid anticipated potential rate cuts from the Federal Reserve, the cryptocurrency market is on an upward trajectory. Ethereum (ETH) is trading close to the $4,650 mark, indicating an 8% weekly gain. Many altcoins are also flashing bullish signals, with Sonic (S) being a notable mention.
Harmonic Structure of Sonic
On the daily chart, Sonic is developing a Bearish Gartley pattern. However, this structure indicates the possibility of a bullish push before reaching the Potential Reversal Zone (PRZ). The movement started at point X ($0.4188), retraced down to point A, rallied to B, and corrected down to point C near $0.2940. Sonic has shown resilience and is currently trading around $0.3141.
What's Next for Sonic (S)
If buyers can push Sonic above the 100-day moving average at $0.3255, it may rally into the PRZ range between $0.3875 and $0.4188. This area, defined by the 0.786–1.0 Fibonacci extensions, marks the completion zone of the Gartley formation and represents nearly a 33% upside from current levels. However, confirmation remains key; unless Sonic decisively clears the 100-day MA, the bullish setup will remain unconfirmed.
Market conditions and participant sentiment indicate positive prospects for Sonic (S). Monitoring key levels will be important for assessing future price movements.
