The cryptocurrency market shows a slight recovery after a recent sharp decline, and Sonic (S) stands out among rising altcoin prices.
Ethereum Price and General Market Trends
The cryptocurrency market is demonstrating a slight recovery, as the price of Ethereum (ETH) has risen to $3,533 from a recent low of $3,357. This strengthening is supported by the rise of many altcoins, including Sonic (S).
Harmonic Pattern of Sonic (S)
On the daily chart, Sonic (S) is forming a **Bearish Bat** harmonic pattern, which often forecasts upward movement during the CD leg - the final stretch of the formation before a potential reversal. The structure began near $0.62 at point X, slid down to point A, rebounded to point B, and then dipped again to point C, hitting a low of around $0.28. Since then, the token has begun to recover and is currently trading around $0.30, testing the 50-day moving average at $0.3289.
Future Prospects for Sonic (S)
For Sonic (S) to maintain this bullish trajectory, it must break and close above the 50-day moving average with strong volume support. This could spark the beginning of a sustained rally toward the Potential Reversal Zone (PRZ), which lies between $0.5831 and $0.6262, indicating more than 103% potential upside from the current price. Otherwise, if the price fails to hold above the recent support near $0.2806, the setup may be invalidated.
The cryptocurrency market continues to show signs of recovery, and Sonic (S) with its forming harmonic pattern may offer opportunities for further growth. However, to maintain its positive dynamics, the token must surpass several key levels.
