The Sonic S token surged 16% within 24 hours, sparking active trader interest following the Coinbase listing announcement. This move could open new opportunities for the project.
Announcement of Coinbase Listing
On June 23, Coinbase Assets announced that support for the Sonic (S) token would go live "at or after 9AM PT on June 24." This news triggered a substantial market response, as many users can easily access the token via the platform.
Market Activity and Trader Engagement
Market activity surged after the announcement. The trading volume for Sonic increased by more than 76%, reaching $266.6 million. Open interest also rose by 9.57%, amounting to $25.47 million. This data reflects increasing speculative interest among traders, despite the overall volume of derivatives remaining steady.
Technical Analysis and Future Outlook
From a technical perspective, the token is showing signs of recovery after a prolonged decline. The price is currently testing the middle Bollinger Band around $0.338 after rising from recent lows near $0.25. If the price breaches this level with high volume, it could indicate trend confirmation. Additionally, indicators such as the MACD are starting to turn positive.
The Coinbase listing may significantly enhance liquidity for the Sonic S token and attract more users. However, further price growth will depend on the overall market conditions and investor interest.
