Recently, Sonic (S) price has shown significant growth, rising over 60%. Let's examine analytical predictions and factors influencing this surge.
Sonic (S) Price Dynamics
In a market where many altcoins are declining, Sonic (S) price increased by 8% and is currently traded at around $0.88. This puts Sonic among the top gainers in the crypto market over the last week.
Analysis by Analyst Jagoilio
Renowned analyst Jagoilio shared his insights on Sonic (S) price dynamics. He noted the formation of a 'Cup & Handle' pattern on the chart, which could lead the price to $1.05. Jagoilio also highlighted the successful overcoming of a resistance level, turning it into support.
Reasons for Sonic's Rise
The rise in Sonic's price is driven by community activity and the platform’s strong technical performance. The increase in TVL (total value locked) in DeFi protocols is also a key factor, explaining Sonic's outperformance over other networks like Solana. This has encouraged users to migrate assets to the platform for better technological service.
Given the current activity and positive technical analysis, Sonic might continue its upward trend. However, investors should exercise caution due to market volatility.
