Sonic (formerly Fantom) continues its bullish momentum, defying broader market pullbacks and trading at $0.5861. Since the rebranding from Fantom to Sonic, the token has surged 30% last week and 10% this week, signaling a potential extended rally.
📌 Can this bullish momentum push Sonic’s price to the key $1 psychological level? Or is an even bigger breakout ahead?
Sonic’s Bullish Breakout: Channel Resistance Cleared
To analyze Sonic’s price action, historical data from Fantom’s price charts has been used, as they provide a more comprehensive view of market trends.
🔹 Key Technical Insights:
✅ Bullish breakout from a falling channel pattern that started in late December 2024.
✅ Strong rebound from the $0.39 support level, breaking local resistance.
✅ 23.60% Fibonacci level surpassed, with a test of 38.20% Fibonacci at $0.64 underway.
✅ Price recovery now totals nearly 50% since the uptrend began.
📊 Momentum indicators confirm bullish sentiment:
- MACD and signal lines maintain a positive alignment.
- Daily RSI remains above 50, indicating continued buying pressure.
Sonic Labs Sees Explosive Growth in On-Chain Metrics
The transition from Fantom to Sonic Labs has triggered a parabolic surge in on-chain activity, reinforcing the bullish outlook.
🔹 Key Metrics Since Rebranding:
✅ Total Value Locked (TVL) skyrocketed from $11 million to $414 million.
✅ Trading volume jumped from $200,000 to $40 million.
✅ Revenue surged from $0 to $110,000—one of the most successful rebrandings in crypto history.
🚀 Supply Dynamics Support a Price Rally:
- 31% of total supply staked in the last two months.
- Estimated 118 million S tokens locked in Liquid Stake on Beets Finance.
- Over $100 million in capital inflows within three months via DeBridge Finance and Rhino Finance.
📌 With nearly half the total supply removed from centralized exchanges, a supply crunch could accelerate Sonic’s price rally.
Sonic (Fantom) Price Prediction: Can It Hit $2?
📌 The Fibonacci retracement levels suggest Sonic’s price could extend beyond $1, a key psychological barrier.
📊 Price Targets:
✅ $1 – 78.60% Fibonacci retracement level
✅ $2.43 – 1.414 Fibonacci extension, contingent on broader market stability
📉 Support Levels to Watch:
❌ $0.53 and the $0.50 psychological level serve as key downside supports in case of corrections.
Conclusion: Is Sonic Set for a Massive Bull Run?
📌 Sonic’s bullish breakout, rising on-chain metrics, and increasing capital inflows all suggest that a parabolic rally may be on the horizon.
📌 If Sonic maintains momentum, it could breach the $1 milestone and push toward $2+ in the coming months.
🚀 With growing demand, reduced exchange supply, and rising DeFi adoption, could Sonic become one of the top-performing altcoins of 2024?
