Sonic Surges: Bullish Momentum Drives Crypto Above $0.8

Sonic, the cryptocurrency previously known as FTM, has demonstrated remarkable resilience and bullish momentum over the past two weeks. Despite a recent dip below $0.8, the cryptocurrency has shown signs of continued growth and is expected to continue its uptrend.

The 4-hour chart of Sonic (S) on TradingView reveals a strong uptrend, with the price forming a series of higher highs and higher lows since breaking above the $0.6 resistance level. This resistance had previously been the lower high that saw the price plummet to the $0.315 low during the early February sell-off. The upward price move over the past three weeks has been driven by strong buying pressure, as evidenced by the exceptional buying volume, particularly over the past week.

The DMI (Directional Movement Index) of Sonic agrees with the findings from the price action. The +DI (Directional Indicator) and ADX (Average Directional Index) lines are both above 20, indicating a significant uptrend in progress. The OBV (On-Balance Volume) has made strong gains as the volume has soared in recent days, and is well above the local low marked in white.

While a move below $0.75 would not flip the bullish market structure, it could weaken the momentum and open the path for a deeper retracement toward $0.609 or $0.505. However, the liquidation heatmap shows sizeable liquidity below $0.8 and around $0.95-$1, which are the price targets over the coming days. A move to $0.739 would sweep the liquidity to the south, and the forced long liquidations could be quickly reversed, as the bulls retain control of the market in the near term.

Sonic traders should be wary of a price drop below $0.8, but it would not be a signal to go short. The $0.71-$0.73 range is expected to serve as a lower timeframe demand zone. Above $1, the $1.4 level is expected to be the next notable resistance level.