Sonic (S) has seen a near 10% decrease in the past 24 hours, currently priced at $0.81650. This drop follows a significant rally and may suggest a market correction.
Current Market Situation
According to Trading View data, Sonic surged to the $1 resistance level, providing significant returns to investors. The price rose approximately 40.89% last month. However, recent price drops may indicate profit-taking as market cap reaches $2.34 billion.
Implications of Sonic's Price Drop
The rapid decrease in price, accompanied by volume, suggests possible profit booking. Nevertheless, the cryptocurrency might rally again after finding support at the 50-day EMA level.
Technical Analysis and Predictions
Technical indicators show bullish potential: 8 out of 16 indicators suggest buying, 6 remain neutral, and only 2 indicate selling. These signals imply that Sonic might regain bullish momentum, especially if the $0.71 support level holds.
Sonic's price drop might be a temporary correction. Securing the support level and breaching the $1 level could significantly impact its future price movement.
