Sonic’s Price Potential

Sonic broke out from an inverse head-and-shoulders pattern, indicating a potential rise of 35%.

On-chain signals are mixed, but sentiment is improving, supporting a bullish outlook.

Sonic (S) is currently trading at $0.5957, having increased by 9.58% in the last 24 hours. The cryptocurrency has recently experienced a breakout, which historically indicates strong bullish momentum. If successful, Sonic’s price could rise to $0.80.

Sonic Price Action Analysis: Can the Rally Continue?

After breaking out of the inverse head-and-shoulders pattern, Sonic exhibits an upward trend with resistance around $0.63 and $0.82. Should it breach $0.82, a rally towards $0.80 is plausible; otherwise, a pullback may occur. Traders should monitor these resistance levels for momentum shifts.

What Do On-chain Signals Indicate?

Sonic’s on-chain data presents both bullish and bearish signals. The network’s growth shows a 0.15% increase, signaling growing interest. Currently, 21.26% of Sonic holders are “in the money,” suggesting many investors are profitable, potentially supporting a price rise. However, a 13.42% drop in large transactions could indicate diminishing institutional interest, with a slight concentration increase of 0.05%. These mixed signals imply a bullish trend may experience hindrances.

Weighted Sentiment: A Bullish Shift

Sonic’s Weighted Sentiment has significantly improved, rising from -1.91 to -0.934 since February 16. This change indicates increasing confidence in the coin’s price potential. The combination of improved sentiment and bullish indicators suggests a sustained upward trend is plausible. Growing sentiment might attract more investors, pushing prices higher.

Will Sonic Reach $0.80?

With its current bullish trajectory, improving sentiment, and a successful pattern formation, Sonic shows significant growth potential. Despite mixed on-chain signals, technical setups and rising sentiment support a potential breakout above $0.80. Sonic is likely to maintain its bullish momentum if it successfully navigates upcoming resistance levels.