Sonic’s price has surged recently, climbing from $0.3795 to $0.6025. Backed by a unique revenue-sharing business model and strong fundamentals, Sonic Blockchain has attracted significant investment. It boasts $1.78 billion in total value locked and a market cap of over $538 million for stablecoins. Technical analysis shows positive momentum, with a bullish reversal pattern forming.
Sonic Price Analysis: Why André Cronje’s Crypto Could Be Set to Soar
Sonic’s price has remained relatively stable recently, jumping from a low of $0.3795 in April to around $0.6025 this week. The combination of strong technical indicators and solid fundamentals leads experts to believe Sonic’s price could keep climbing in the upcoming weeks.
Sonic Blockchain Gaining Momentum
Deposited by Andre Cronje, the Sonic Blockchain appears to be thriving after its launch this year, attracting more investors and developers alike. Previously known as Fantom, the network has differentiated itself through its unique business model. It employs a revenue-sharing strategy that allows the network to compensate developers with a portion of fees generated.
This innovative approach has attracted significant developers to the chain. For instance, AAVE boasts over $415 million in total value locked (TVL), while other projects like Silo Finance, Beets, Pendle, and Veda each hold over $100 million in TVL. Remarkably, Sonic has amassed a staggering $1.78 billion in TVL in under six months.
In comparison, Cardano—whose token value exceeds $25 billion—only holds about $400 million in TVL. Sonic appears to outperform networks like Sei, Cronos, Core, and Optimism as well. Additionally, the market cap for stablecoins on Sonic has surged to over $538 million, indicating increased activity on the network, and most of these stablecoins are USDC. This number would likely be even higher were Tether’s USDT minted on Sonic.
As a player in the decentralised exchange (DEX) market, Sonic is showing impressive numbers as well, processing over $728 million in volume just in the past week. In fact, this volume surpasses other chains, including Tron, Avalanche, Polygon, and Aptos. The leading DEX on Sonic, Shadow Exchange, has seen substantial activity, with over $1.87 billion handled in the past 30 days.
Sonic’s Price Technical Analysis
Looking at technical aspects, recently, the eight-hour chart reveals Sonic’s price has gained notable traction, increasing from a low of $0.3795 on April 6 to $0.57. The chart has formed an inverse head and shoulders pattern, which is often seen as a bullish reversal signal; Sonic is now approaching the neckline at $0.6025.
Moreover, Sonic price has climbed above the 50-period moving average, and various oscillators indicate upward momentum. Given these indicators, it’s likely that the token will continue to rise as bulls set their sights on the critical resistance level at $0.98—this represents an impressive 71% increase from current levels.
