The sonic token of Andre Cronje is in free fall and has erased almost $ 1.3 billion in market capitalization since his relaunch in January.
Sonic (s) price crashed to $ 0.3775 on Sunday, with more than 61% from the highest point this year. This crash has brought its market capitalization at $ 1.9 billion, compared to $ 3.15 billion in January.
Sonic Token is poured as the ecosystem continues to slow. Data is displayed That the Stablecoin market capitalization has fallen to $ 446 million, compared to $ 597 million earlier this year. A falling stablecoin nutrition in a chain indicates that the activity in the network is blurring.
Further data show that the total value of Sonic has been locked in its decentralized financing has fallen from almost $ 2 billion in May to $ 1.53 billion. The majority of this weakness was driven by the outskirts of Aave, SIO Finance, Pendle and MEV Capital, who have dropped more than 10% in assets in the last 30 days.
This delay means that Sonic does not earn as much money as a few months ago. It’s daily Chain income Fell on Saturday to $ 9,600 from a record high of more than $ 42,000 in May.
Sonic Token has also fallen because the financing percentage in all stock markets has become negative in recent months.
Santiment data shows that the financing percentage fell to 0.05%on Saturday, the lowest point in more than a week. A falling financing percentage indicates that investors expect the future price to be lower than the place.
Sonic Crypto Price Technical Analysis
The 12-hour graph shows that the S price has been in a free decrease in recent weeks.
It fell to a low point of $ 0.3810, an important level that coincided with the lowest swing in April. This price was also the neckline of the double top pattern for $ 0.6185.
A double top is one of the most popular bearish to drawing in technical analysis.
The sonic token has remained under the advancing average of 50 periods, while oscillators point down. That is why it will probably continue to fall, because sellers focus on supporting the lowest point of $ 0.3151, the lowest point in February.
