Sonic cryptocurrency remains at yearly lows, having failed to reclaim key levels. However, the chart structure suggests a possible reversal.
Current Situation of Sonic
Over the past few weeks, Sonic has traded within a tight range near the $0.26 high time frame support level, which previously served as a base for bullish momentum. Price action has consistently failed to reclaim the value area low, keeping the broader market structure skewed to the downside. Still, this prolonged consolidation at support opens the door for a potential higher low formation.
Key Technical Points
Key technical aspects:
* **Support Zone:** The $0.26 level remains crucial to hold. * **Resistance Levels:** $0.40 and $0.46 are major barriers to reclaim. * **Market Structure:** Bearish bias persists, but signs of a bottoming pattern could emerge if support holds.
Price Action Expectations
Sonic remains technically bearish while trading below $0.40, but reclaiming this level could initiate a broader structural shift. If buyers step in with conviction at current levels, Sonic could stage a recovery rally toward $0.46, with a potential extension to $0.52.
With Sonic's current market position, monitoring key levels and signals is vital. A potential reversal depends on successfully reclaiming resistance levels.
