The price of the Sonic token, formerly known as FTM, has begun to show signs of recovery after an extended period of decline. Currently, the price is at $0.5595.
Current Market Situation for Sonic
After several months of a downtrend, Sonic's price shows a substantial increase of over 12% since the beginning of the trading day. The current price stability coincides with the strengthening of Bitcoin, inspiring investors in the small-cap altcoin market.
Technical Analysis and Predictions
According to the daily chart of Sonic, there is a significant shift in momentum, with bulls beginning to gain dominance. The price is printing higher highs and lows; however, technical indicators give mixed signals, raising concerns about future price movements.
Potential Further Movement Scenarios
Currently, the Sonic price may maintain a consolidated upswing around the upper level near $0.58. If the price can establish itself above $0.6, this could lead to a correction; however, successfully surpassing these levels may bring a new ascent towards $0.8 and the potential for an all-time high.
The rise in Sonic's price captures the market's attention, but the technical indicators indicate uncertainty, making the token's future movements a matter of discussion.
