Is Sonic Ready to Rocket? Brace for a $1 Surge! 🚀

Large transactions in the past 48 hours could be fueling a potential price surge.
The chart showed that Sonic could trade back to $0.98 as other bullish sentiments align.

Well, gather ’round folks, for in the last tick of the clock—just 24 fleeting hours—Sonic [S] has decided to shimmy and shake, soaring up a sprightly 2% to a dazzling $0.72. Who knew the little rascal had such gumption? 🤔

One might ponder if this spurt is merely the continuation of its rollicking 35% bullish rally from the past month, or perhaps a desperate attempt to claw back from its 10.40% dive in the last week. Such drama! 📉

Large investors make the first move

In the grand theater of the marketplace, it appears that the bigwigs—the large investors controlling a whopping 1% of the total supply—have made their entrance. With a flourish of wallets, they have snagged about $1.16 million worth of Sonic, causing quite the commotion on the price stage. 🎩

When a gaggle of large investors start buying like children at a candy store, one can deduce—it’s a “buy” signal. Of course, the chart has its own opinion, with Sonic caught in a veritable tug-of-war, oscillating between $0.72 and $0.73, as if it’s unsure which way to dance. 💃

Ah, the pesky resistance—it thickens like molasses, forming just as our plucky little asset dares to breach a significant descending channel. A key moment, indeed, for significant price rallies, but will Sonic rise to the challenge? 🎢

Now, hold your horses! To divine whether Sonic shall break free, our comrades at AMBCrypto have taken to analyzing the in/out of the money around price (IOMAP) data. It serves as a sort of crystal ball, if you will, hinting at buy and sell pressures at various price thresholds. 🔮

At present, there’s quite a bit of buying interest buzzing around Sonic’s price point. The IOMAP reveals a hefty 3.61 million FTM traded between the $0.71 and $0.73 lines, suggesting that all this sluggish movement may just be an intricate dance of price accumulation. And who knows? It could set the stage for an electrifying breakout! ⚡️

Should our patient accumulation phase conclude and Sonic break through its stubborn resistance, we could witness a rousing rally of 33.94%, nudging it ever so close to the big $1 mark it last flirted with in the depths of December 2024. Now wouldn’t that be a sight for sore eyes? 👀

Spot market traders step in

According to our pals over at Coinglass, the spot market traders have been huddling together like old friends, accumulating Sonic over the past week. From February 24th to 30th—an industrious sprint—they’ve racked up a jaw-dropping $21 million worth of this cheeky asset. 🍭

Lo and behold, this is reflected in the exchange netflow doing the moonwalk—turning negative. It seems our traders aren’t merely hoarding Sonic for a rainy day, but are stashing it in private wallets for the long haul. Talk about commitment! This method reduces the chance of panic-selling like a rabbit in a hat when the market gets a bit twitchy. 🎩

2025-03-02 21:30

Large investors make the first move

Spot market traders step in

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