Sonic’s Token S Surges 16% on Coinbase Listing Announcement

Sonic’s native token, S, experienced a significant surge of 16% in the past 24 hours, reaching a trading price of $0.3208. This jump was driven by the announcement that Coinbase would list the asset. Coinbase Assets revealed on June 23 that support for Sonic (S) would commence “on or after 9AM PT on June 24” across both Coinbase and Coinbase Exchange. The trading for the S-USD pair is set to launch in phases once liquidity conditions are met, with transfers only supported on the Sonic network.

Following the announcement, market activity for Sonic’s token intensified. The trading volume for S surged sharply, rising more than 76% to $266.6 million. Open interest also increased by 9.57% to $25.47 million, indicating greater speculative interest and potential upside conviction. Despite these gains, S remains nearly 30% lower over the past month and is still 68% below its all-time high of $1.03 recorded in January 2025.

A listing on Coinbase typically enhances accessibility and broadens market appeal, particularly for retail users who prefer fiat onramps. This move also boosts liquidity and generally strengthens the credibility of the project. Mitchell Demeter, the chief executive officer of SonicStrategy, commented that the listing could open doors to institutional inclusion, with S potentially being considered for managed portfolios and custodial products. This credibility may be further bolstered by Sonic’s expanding ecosystem.

Sonic recently initiated its Season 2 airdrop on June 18, distributing $82 million worth of S tokens to active community members, including Sonic Point holders, NFT minters, and Sonic Arcade users. This initiative aims to increase token distribution and user activity. Additionally, on June 19, the Sonic network merged with the decentralized finance aggregator 1inch, enabling low-cost swaps and cross-chain transactions. This move allows more Sonic users to join 1inch’s well-established DeFi platform.

From a technical perspective, the S token is showing tentative signs of recovery following weeks of steady decline. The price is currently testing the middle Bollinger Band around $0.338 after rising from recent lows around $0.25. If the price breaches this level with high volume, it could indicate trend confirmation. Momentum indicators are also beginning to change, with the MACD now positive. The 10-day moving averages have turned supportive, but the 20- to 50-day averages still serve as resistance to the general trend. Although the relative strength index has moved out of oversold territory and reached 41.8, it has not yet entered bullish territory.

If the Coinbase listing encourages more inflows and retail participation, S may attempt to break through resistance at $0.34 and potentially move toward $0.42, a level last seen in May. However, the token might retrace toward $0.29 or lower if it is unable to hold onto its current level, especially if post-listing enthusiasm wanes or overall market weakness persists.