Sonic prices are under pressure from downward trends. This article looks at the current state of the market, technical indicators, and future forecasts.
Current State of Sonic Market
The price of Sonic has fallen by 15% to $0.314 on June 13, which is a decline of over 68% from its peak this year. This drop has brought Sonic's market capitalization close to the $1 billion mark, down from $3.15 billion in January. Increased geopolitical tensions, including Iran's military actions against Israel, contributed to a broader market decline of over 7%.
Technical Analysis of Sonic Prices
On the USDT chart for Sonic, a sharp price decline has been observed over the past few weeks. The price fell below the key support level at $0.32 and $0.38, which serves as a classic bearish signal in technical analysis. The 20-day moving average has crossed below the 50-day, indicating sellers remain in control. MACD indicators also show a downward trend.
What to Expect in the Near Future?
Based on current metrics, Sonic may continue to face downward pressure in the short term unless a meaningful turnaround occurs in ecosystem activity and investor sentiment. The next major support level in the coming weeks is around $0.30.
The overall price trend for Sonic remains negative, and without changes in market activity, short-term forecasts remain pessimistic.
