The Sonic price has triggered a strong upswing after trending lower for a couple of months and breaking out of its long-standing downtrend. The price is currently trading around $0.5595, with a massive rise of over 12% since the early trading hours, after stabilizing at a similar level during the past trading hours. The Sonic breakout was materialized after the star token, Bitcoin, displayed some strength and showed early signs of recovery.
Now that the sentiments of the small-cap altcoins seem to have lifted, will the Sonic (prev. FTM) price reach $5 in 2025?
The Sonic price is hovering just above its breakout zone, which has made the market participants extremely vigilant. A drop below the range may affect the bullish possibility for some time, but the chart patterns and the technicals suggest a strong rise could follow after a tight consolidation. The S price has reclaimed strength after testing support at $0.56 and is now trying to push back toward the $0.6 breakout zone.
The daily chart of Sonic suggests there is a significant shift in the momentum where the bulls are trying to become dominant. The price is printing higher highs and lows, validating the rise if bullish strength. Meanwhile, the volume also appears to be in their favor, suggesting the price could remain elevated for the next few days. However, the technicals flash mixed signals, which raises concerns over the upcoming price action.
The RSI is incremental, holding the ascending trend line, while the CMF has plunged heavily below 0 and is failing to rise above the descending trend line. This is a sign of weakness within the market, wherein the bears maintain their dominance. Meanwhile, the price continues to trade within an ascending triangle, and if it validates a rejection, a drop close to $0.5 could be imminent. However, the Sonic price is close to the apex of the triangle, and hence, a breakout from the pattern appears to be on the horizon.
Therefore, the Sonic (prev. FTM) price may maintain a consolidated upswing and reach the edge at around $0.58. A rise above the range may push the levels above $0.6, which may attract some correction. Once done, the price could revive a strong upswing close to $0.8, which may further push the price into the final resistance below $1 at around $0.9. Surpassing these levels may attract fresh liquidity onto the platform and a rise may elevate the possibility of a new ATH.
Credit: Source link