The cryptocurrency market is buzzing as Sonic (S) makes a powerful 19.4% surge in just 24 hours, now eyeing the crucial $0.36 resistance level. This dramatic move has traders on high alert – will this trending crypto break through or face rejection again?
Sonic Crypto’s Rollercoaster Price Action
Sonic has shown remarkable volatility recently:
- Tested $0.297 support multiple times on July 29-30
- Remained range-bound between $0.3-$0.418 for a month
- Faced rejection at breakout attempts, including July 18
Key Indicators Show Bullish vs Bearish Tug-of-War
| Indicator | Signal |
|---|---|
| On-Balance Volume (OBV) | Buyers have upper hand |
| Chaikin Money Flow (CMF) | Below +0.05 (weak) |
| Money Flow Index (MFI) | 76 (bullish strength) |
Trading Strategies for the $0.36 Resistance Breakout
With conflicting signals, traders should consider:
- Wait for confirmed breakout above $0.362
- Watch Bitcoin’s movement (needs to pass $118.6k)
- Monitor liquidation heatmap near $0.35
- Consider both long and short scenarios
Will Sonic Crypto Sustain Its Momentum?
The 4-hour chart shows bullish structure with high trading volumes, but daily charts remain cautious. This divergence creates both opportunity and risk for traders eyeing the $0.36 level.
FAQs About Sonic’s Price Surge
Q: What caused Sonic’s 19.4% price surge?
A: The surge followed multiple tests of $0.297 support, with accumulation pressure from buyers.
Q: Is $0.36 a strong resistance level for Sonic?
A: Yes, this level has shown conflicting signals and contains liquidation clusters.
Q: Should I buy Sonic now?
A: Traders should wait for confirmed breakout above $0.362 or watch for rejection signals.
Q: How does Bitcoin affect Sonic’s price?
A: A Bitcoin move past $118.6k could provide momentum for Sonic’s breakout.
