Sonic Token (SONIC) shows a bullish reversal on the market, having emerged from a prolonged bearish trend. This event follows a successful retest of support levels.
Overview of Sonic's Market Situation
Sonic Token (SONIC) has officially broken out of its long-standing bearish trend, reclaiming a key support level — the Point of Control (POC). This development occurred after an aggressive move from the yearly low, which was set around $0.26. This level coincides with the value area low and serves as a base for asset accumulation.
Technical Indicators and Forecasts
After months of bearish price action, the market has shifted. The first structural sign of strength was an impulsive breakout above the $0.40 resistance. Now, with the price retesting POC as support, bullish momentum appears to be accelerating towards the next resistance level at $0.52. Key technical points include: 1. Break of Market Structure: Price has invalidated the bearish trend by breaking above $0.40. 2. Bullish Retest of POC: A successful retest signals continued strength. 3. Targeting $0.52: Price is aiming for the next high time frame resistance.
What to Expect in the Future
If Sonic maintains price action above the $0.40 resistance and volume continues to rise, there is a strong likelihood of a move toward $0.52. This level represents another decision zone for potential continuation or consolidation.
The current situation in the Sonic Token market demonstrates signs of a bullish reversal, potentially opening new growth opportunities. Successful retests and breaking key support levels are crucial for further improving the token's position.
