Sonic Price Soars 31% After All-Time Low – More Gains Ahead?
Sonic(S) recovered, soaring 31% after reaching an all-time low just three days ago. It trades at $0.46, which has soared nearly 10% in the past 24 hours.
A sharp rebound came when traders seized the opportunity to buy dipping sauce, driving new demand for tokens..
Sonic’s trading activity heats up
Inflow gradually rises Sonic’s spot market On Thursday, the revival of demand for Altcoin was highlighted. According to Coinglass, the total was $215,000 at press time.
Although this number seems to be small, it marks a major comeback in SPot Markets’ outflows for two consecutive days. Spot inflows like this indicate growing demand for assets and surge in investor confidence, which could lead to price momentum.
also, S open interest It is on an upward trend, confirming a steady rally of trading activity around Altcoin. At press time, that was $41.5 million, climbing 33% in the past 24 hours.
Public interest refers to the total number of outstanding derivative contracts, e.g. futures and unresolved options. When open interest increases during price rally, this indicates that new funds are entering the market, strengthening the uptrend. This suggests that traders have a stronger belief as more participants are opening positions rather than closing existing positions.
The continued rise in S’s open interest along with its price will indicate a sustained bullish momentum, but if it drops, it may indicate weaker demand or potential profit.
S price forecast: rest above this level may add more benefits
On the 12-hour chart, S appears to be expected to surpass its 20-day exponential moving average (EMA), which has formed major resistance levels since early February.
This key moving average Measure the average trading price of assets over the past 20 days. This is a short-term trend indicator that emphasizes recent price movements, making it more sensitive to changes than a simple moving average.
When the asset’s price tries to exceed its 20-day EMA, it indicates a potential bullish momentum, indicating that the buyer may be gaining control and that a trend reversal or continuation may be in progress.
A successful breakthrough in EMA over 20 days will provide more credibility for S’s current rally. In this case, the price may climb and extend its earnings to $0.059.
However, if profits make traders come back, the S price could drop to $0.33.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
