Sonic (S) Bulls May Gain More Strength

The Sonic token has appeared among the best-performing coins in the crypto market today. This comes after the coin registered a price growth of 2.60%. Although this is a modest price increase, it still seems crucial to the future bullish prospects of this market.

S Market Statistics

Current Price: $0.2550

Market Capitalization: $732.12M

Circulating Supply: 2.88B

Total Supply: 3.22B

CoinMarketCap Rank: 96

Key Price Levels

Resistance: $0.2750, $0.3000, $0.3250

Support: $0.2500, $0.2250, $0.2000

Sonic Edges Past a Key Level

The SUSDT market has rebounded positively in general over the past four sessions. However, it is in the ongoing session that price action has risen above the 9-day Exponential Moving Average (EMA) line. While this move is only slight, it seems sufficient to encourage more buying activity in the market.

Similarly, the lines of the Stochastic Relative Strength Index (SRSI) indicator are rising steadily upward toward the 50 mark. Nevertheless, traders may still have to wait a bit longer for the SRSI lead line to cross the 50 mark to strengthen the bullish outlook.

SUSDT Market Eyes a Psychological Resistance Price Level

On the 4-hour chart, Sonic’s price action can be seen holding above the 9-day EMA curve. The corresponding price candle does not appear to be under much pressure, as it presents as a bald candle. Meanwhile, its base above the 9-day EMA suggests a more positive outlook for this market.

The SRSI indicator lines are currently in the overbought region and are converging around the 99.6 level. It appears the indicator lines are preparing to stabilize in this region. This will provide enough room for price action to attempt a break above the $0.2600 price level.

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