Sonic (S) Upside Correction Builds Up

The upward movement in the Sonic token market has received a major boost as the token’s price increased by a notable 6.64%. Consequently, price action appears to be experiencing the participation needed to push even higher — a trend that may continue in subsequent sessions.

Sonic Market Statistics

Current Price: $0.3023

Market Capitalization: $870.65M

Circulating Supply: 2.88B

Total Supply: 3.22B

CoinMarketCap Rank: 92

Key Price Levels

Resistance: $0.3250, $0.3500, $0.3750

Support: $0.3000, $0.2750, $0.2500

Sonic Market Sees a Huge Boost

The Sonic token has been trading above the 9-day Exponential Moving Average (EMA) line for the past six sessions. However, price action in the market has slightly tended toward support at the 9-day EMA curve.

It can be observed that the 9-day EMA line has maintained an upward tilt ever since price action broke through the EMA as resistance. The ongoing session has now confirmed the prevailing bullish sentiment in the market.

The lines of the Stochastic RSI (SRSI) indicator remain high in the overbought region, with the terminal showing an upward bias. This suggests that while upside forces may face a brief pullback, the overall trend still stands a good chance of continuing upward.

Sonic Bulls Maintain a Brave Stand

On the S/USDT 4-hour chart, price action maintains a general upward trajectory above the 9-day EMA line. Over the past two sessions, the market has continued to edge higher.

The latest price candle stands clearly above the previous session’s close, although a moderate contraction can be observed in this candle. The lines of the SRSI indicator also show a notable upward bearing, though they display a slight sideways curve below the 80 mark.

Be that as it may, the market retains a generally bullish outlook, at least toward the $0.3200 mark.

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