Sonic Tests Recovery as Adoption Slips
1min read Sonic [S], a cryptocurrency, is currently testing a critical phase of potential recovery, as indicated by its interaction with a descending trendline. To confirm a bullish reversal, Sonic needs to decisively break above this trendline, which is currently around $0.4558.
The Moving Average Convergence Divergence (MACD) shows a convergence of its signal and MACD lines, hinting at a reduction in downward momentum. Additionally, the Relative Strength Index (RSI) at 41.63 remained below the typical 'overbought' threshold of 70, suggesting room for an uptrend without immediate overextension.
If Sonic successfully breaks above the trendline, it could challenge higher resistance levels above $0.4900. Conversely, failure to surpass this trendline could see Sonic retesting support levels around $0.3840 and lower. The MACD's current position slightly above the signal line and a neutral RSI provide a balanced view, suggesting that while recovery is possible, significant bullish momentum is yet to be confirmed.
Despite the recovery sentiments, the new adoption rate of Sonic decreased from a 30-day high of 30.64% to the press time rate of 22.49%. This downtrend in adoption could be signaling a waning interest or slowdown in new user engagement with the Sonic network. A lower adoption rate often correlates with reduced buying pressure, which can lead to a stagnation or decrease in price.
The decline in adoption rate poses a threat to the rebound, emphasizing the possible direct impact of reduced new user inflow on Sonic's valuation. If the trend continues and the adoption rate doesn’t see a reversal, it could hinder the potential recovery, possibly leading to lower prices. Conversely, any increase in adoption rate might help stabilize or increase the price, reflecting renewed interest and investment in Sonic.
Sonic also saw a steady decline in the number of transactions from a 7-day high of 530 transactions to a press time average of 436.71. This decrease further signified waning user activity and could negatively impact Sonic’s price if the trend continues, suggesting less network utilization. If transaction activity stabilizes or increases, it could indicate renewed interest and support Sonic’s price stability or growth. Watching for any sudden increases in transaction volume is key to predict upcoming price 
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