## Can Sonic Ascend to $0.70?
Sonic (S) has witnessed a modern upswing, mounting almost 11% to a day by day excessive of $0.55 on March twentieth, in line with crypto.news. This leap signifies an over 18% growth from its weekly low of $0.45. With a marketplace capitalization of $1.71 billion, its day by day buying and selling quantity almost doubled compared to the previous day, attaining $216 million.
Outstanding dealer Crypto Nova repeats this advantageous sentiment, noting Sonic’s retracement to key tiers and symptoms of wholesome recuperation. Analyst Robert Mercer indicates that Sonic has reclaimed important guide and damaged via a downtrend, putting the level for what he calls a “textbook” rally, concentrated on $0.60-$0.70, with capacity even achieving $1.
Sonic’s impact withinside the DeFi area, more suitable via way of means of sizable partnerships, similarly fuels this optimism. Notably, ChainGPT has included its AI NFT generator, ChainGPT Pad, and DegenPad with Sonic’s high-pace blockchain infrastructure.
A primary catalyst for this upswing is the release of Sonic Pay, a digital fee card evolved in collaboration with RedotPay. This card permits customers to make bills through Apple Pay and Google Pay the usage of USDC.e, removing friction in crypto-to-fiat conversions and increasing Sonic’s real-global utility.
This integration streamlines NFT minting for creators and developers, complements fundraising possibilities for Sonic-primarily based totally projects, and accelerates atmosphere growth for buyers and the broader Sonic community. An analyst’s chart shared on X famous a advantageous breakout from a descending trendline with sturdy momentum, frequently a precursor to in addition gains.
Sonic’s DeFi presence additionally indicates strong growth, in line with DefiLlama. Its Total Value Locked (TVL) has simply hit an all-time excessive of $841 million. Fueled via way of means of the release of its digital fee card and growth in DeFi via new collaborations, Sonic has the capacity to upward thrust almost 30% from its modern price.
Since the beginning of the year, the total locked value (TVL) of this digital ledger has increased significantly, from $25.41 million to $50 million.
According to CoinGlass, the cryptocurrency’s financing rate remains optimistic, while open interest increased at the time of writing. A positive financing rate and an increase in open interest suggest that more and more derivatives traders are making bullish bets on S.
On the 4-hour/USDT price chart, Sonic continues to trade above the multi-week descending parallel channel pattern that broke on March 14.
At the same time, this Layer-1 digital ledger is also considered one of the fastest chains in terms of block time, even surpassing major players such as Solana, Arbitrum and Base. See below.
Technical indicators also appear to favor a potential uptrend, and community sentiment is generally optimistic.
The Aroon Up indicator is 85.71% and the Aroon Down indicator is 7.14%, which indicates strong buying pressure. At the same time, the Relative Strength Index (RSI) shows a reading of 60, which means that Sonic still has room to rise further before facing a sell-off.
Therefore, Sonic appears poised for a run towards the $0.7 target, a support level that has failed to hold multiple times since the start of the year. As of press time, S is trading at $0.53 per coin. Mercuryo and Status Wallet Unite for Straightforward Crypto Purchases
In February, it was also one of the fastest growing digital ledgers in TVL.
This trend is generally associated with increased market confidence and bullish momentum, which could help extend the current rally.
Disclaimer: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.
