FTM Surges 30%: Can Sonic Reach $1?

The price of Sonic (FTM) has surged by approximately 30% over the past week, raising questions about whether the altcoin can reach the $1 mark soon. The bullish reversal at the $0.60 mark, coupled with positive technical indicators, suggests a strong buying pressure for the cryptocurrency.

The Sonic price has successfully retested its $0.60 mark, leading to a bullish reversal. Technical indicators display bullish sentiment, highlighting rising positive influence. The important resistance and support levels are $0.8575 and $0.3590, respectively, considering the present market sentiments.

The Relative Strength Index (RSI) has successfully retested its oversold range in the daily time frame, surpassing its neutral point and heading toward its overbought range. The Simple Moving Average (SMA) indicator constantly acts as a support to the Sonic price chart, indicating a positive outlook for the altcoin in the upcoming time.

If the market favors the bulls, the FTM price could head toward its immediate resistance level of $0.6400. If the bulls maintain the price above that level, this could set the stage for it to head toward its upper high of $0.8575 this month. However, if the bears outrun the bulls, the Sonic coin price could retest its support level of $0.4780, potentially plunging toward its crucial support level of $0.3590.

Fantom has reportedly rebranded itself to Sonic to shift its market position. Sonic will roll out new features in its ecosystem to increase community involvement and polling. If the bullish sentiment sustains, the Fantom price may reach a maximum trading price of $3.72 this year.