- Oh, the audacity! Sonic has surged by a staggering 69.89% over the past week.
- While Sonic is riding the bullish wave, an analyst, with a hint of skepticism, expects a correction. How quaint!
Since plummeting to a dismal $0.39 a mere fortnight ago, Sonic [S] has embarked on a delightful upward escapade.
As I pen this, Sonic is frolicking at $0.98, a delightful 25.07% increase on the daily charts. Meanwhile, trading volume has spiked by 58.71%, reaching a jaw-dropping $1.12 billion. Who knew numbers could dance so?
In a similar vein, the altcoin has gallantly climbed the charts, boasting gains of 69.89% and 47.99% on weekly and monthly scales, respectively. Bravo, Sonic!
With this recent price pump, the chatter among key stakeholders has reached a fever pitch. In a twist of irony, the ever-watchful crypto analyst Ali Martinez has suggested a potential correction, citing the ominous TD sequential. How very dramatic!
Market sentiment suggests…
In his analysis, the astute Ali Martinez posited that Sonic has hit the target from its head and shoulder pattern. A classic case of “head’s up!”
With this realization, the TD sequential has flashed a sell signal on the 4-hour charts. Oh, the suspense!
With this sell signal, investors are likely to indulge in profit-taking, resulting in a delightful downward pressure on Sonic as selling pressure rises. A veritable tug-of-war!
Based on this analogy, we could witness Sonic’s prices begin to wane as sellers enter the fray. The burning question remains: will the analysis hold, or will buyers absorb the selling pressure like a sponge?
What Sonic’s charts suggest
According to AMBCrypto’s analysis, Sonic is still basking in strong upward momentum, with buyers dominating the market like a pack of hungry wolves.
The rising MACD line indicates upward momentum, suggesting that short-term price action is flexing its muscles relative to the long-term price. Quite the spectacle!
With the MACD line above the signal and histogram, it confirms strong bullish momentum, signaling the potential for the uptrend to continue. A standing ovation, perhaps?
This strengthening upward momentum suggests that buyers are actively participating in the market, driving prices up through organic demand. This is further confirmed by the rising RSI, which has spiked to a thrilling 77. 🎉
While the RSI is on the rise, it has yet to hit the overbought zones where a correction might occur. So, there’s still some room for growth before the inevitable drop. How tantalizing!
Looking further, Sonic’s Open Interest (OI) has spiked by 44.26%, reaching a new high of $152.28 million. Investors are clearly feeling optimistic, opening more long positions. A bullish bonanza!
When OI rises alongside prices, it implies that investors are bullish, thus reflecting strong demand for S. The market is alive with excitement!
Finally, Sonic’s aggregated funding rate AVG has remained positive over the past two days. This implies that longs are bullish and willing to pay a premium fee to hold their positions. A true testament to their faith!
Sonic is still basking in strong bullish sentiments, positioning S for more gains on its price charts. Therefore, in the short term, the uptrend could continue. Fingers crossed! 🤞
However, for this bullish outlook to hold, S must stay above $0.9. A breakout above here will see the altcoin hit a two-month high of $1.0. The stakes are high!
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2025-02-21 14:19