The post Will Sonic target $0.80 next? – What the data suggests appeared on BitcoinEthereumNews.com.

Sonic broke out from an inverse head-and-shoulders pattern, with a 35% rise potential. On-chain signals showed mixed results, but sentiment improved, supporting a bullish outlook. Sonic [S] is experiencing a notable rally, trading at $0.5957, at press time, with a 9.58% increase over the last 24 hours. The cryptocurrency recently broke out of an inverse head-and-shoulders pattern, signaling the potential for further gains. This technical formation has historically signaled strong bullish momentum, and Sonic’s price could rise by 35%, reaching $0.80. However, with key resistance levels ahead, the real question is whether Sonic can maintain this upward momentum or face potential resistance. Sonic price action analysis: Can the rally continue? Sonic’s price shows an upward trend after breaking out from the inverse head-and-shoulders pattern. The price recently crossed the $0.55 and $0.60 levels, indicating that Sonic is gaining strength. Moving forward, the cryptocurrency faces immediate resistance around the $0.63 and $0.82 levels. If Sonic breaks through the $0.82 mark, it could spark a rally towards $0.80. However, if it fails to maintain this momentum, a pullback could occur. Therefore, traders must closely monitor these resistance levels and be prepared for any momentum shifts. Source: TradingView What do on-chain signals say? Looking at Sonic’s on-chain data, the signals present both bullish and bearish factors. The network’s growth has shown a slight increase of 0.15%, suggesting growing interest. Additionally, the percentage of Sonic holders “in the money” has surged to 21.26%, indicating that many investors are currently in profit. This could provide support for a continued rise in price. However, large transactions have decreased by 13.42%, which may signal a decline in institutional interest. Furthermore, concentration has also increased slightly by 0.05%. These mixed signals indicate that while there is support for a bullish trend, some factors could hinder further gains. Source:…

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Filed under: News - @ February 19, 2025 3:26 am