Sonic (S) Sees a Smooth Rebound Off the $0.4000 Threshold

The Sonic token has seen a steady price increase over the past three trading sessions. In today’s trading activity, the token has recorded an additional price increase of 7.56%. This indicates that upside forces are maintaining pressure, pushing price action upward.

Sonic Statistics

Current Price: $0.5112

Market Capitalization: $1.47B

Circulating Supply: 2.88B

Total Supply: 3.17B

CoinMarketCap Rank: 53

Key Price Levels

Resistance: $0.5500, $0.6000, $0.6500

Support: $0.5000, $0.4500, $0.4000

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Sonic Bulls Pick Higher Targets

Price activity in the Sonic token daily market has been upward since price action tested support at the $0.4000 price level. Although price action remains below all the available Moving Average (MA) lines, the price candle retains a moderately healthy appearance.

Meanwhile, the MA lines had drawn closer but now seem to be moving sideways at the terminal. Simultaneously, the Stochastic RSI lines rise smoothly from the oversold region, reinforcing the impression that upside forces are gaining momentum.

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Sonic Gains More Positive Technical Ground

Moving to the S token market on a 4-hour chart, price activity can be seen rising steadily through the 20- and 50-day MA lines. The current price candle remains consistently green while staying above the 50-day MA line.

Meanwhile, the Stochastic RSI indicator has just delivered an upward crossover slightly above the 80 mark. While this is a positive signal, it also suggests that traders should exercise caution. Consequently, it seems safer to set a target around the $0.5500 or $0.5777 price level.

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