The price of Sonic will probably continue to slide in the coming weeks, because Beerarish persists technical indicators and delays the momentum about the ecosystem.
Sonic (s) price fell by 15% to an intraday depot of $ 0.314 on 13 June, with more than 68% from the highest point this year. This crash has its market capitalization close to losing $ 1 billion and a decrease of $ 3.15 billion in January.
Rising geopolitical tensions activated a flight of risk activa on 13 June. After Iran had launched a military attack on Israel, with retaliation threats, the global crypto market lost more than 7% in value. Sonic was one of those who made it the most difficult.
While coinbase confirmation From an S -Tokendlijst earlier today, the project has paid short attention to the project, it did not change the trend. Data on chains are definitely bearish, with core statistics that point to persistent weakness in the network.
Facts Santiment shows that the total value that is locked on Defi protocols on the Sonic chain has fallen from almost $ 2 billion in May to $ 1.54 billion. Flagship protocols, including Silo Finance, Pendle, Aave and beets, have seen the TVLs fall by 35% to 50% last month.
This delay in activity means that Sonic does not earn as much income as a few months ago. The daily income on the chains went from Friday to only $ 5,977, compared to a peak of more than $ 42,000 in May.
Stablecoin Supply on Sonic has also contracted with almost $ 200 million this year. Fewer stablecoins in circulation means that the liquidity in the network is weakened and the user activity is therefore delayed.
Moreover, the financing percentages between exchanges have remained negative, which indicates bearish sentiment among traders. Santiment data shows that on 13 May the financing percentage fell to 0.05%, the lowest in more than a week, indicating that traders expect that the price of Sonic will fall under the spotting rate.
Based on these Bearish on-chain statistics, Sonic can be confronted in the short term with a downward pressure, with limited signs of a strong recovery, unless ecosystem activity and investor sentiment show a meaningful lead time.
Sonic price analysis
On the 1-day USDT graph, the price of Sonic has been in free decrease in recent weeks.
It recently fell under $ 0.32, which was the last strong level of support, and more than $ 0.38, a key zone that matched the lowest swing of April. The level of $ 0.38 also functioned as the neckline of a double top pattern that formed around $ 0.618, a classic bearish signal in technical analysis.
Sonic also has moves in a falling wider wig, which usually indicates a constant downward pressure as long as the price remains in the pattern.
As an addition to the Bearish setup, the 20-day simple advancing average has been crossed below the 50-day and a death cross and it remains greater, which suggests that sellers still have control.
The MacD lines point down, and the Aroon is up at 0% while Aloon has been raised down, both signs that the downward trend is still strong.
Based on this setup, the price of Sonic could continue to slide, with the following large psychological support level around $ 0.30.
However, if buyers succeed in stepping in and pushing the price above the upper limit of the WIG, this can show a bullish reversal and returning token above $ 0.399, which is also in line with its 20-day advancing average.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
