Sonic Crypto price rose for the second consecutive day when the transactions of the network reached the milestone of 120 million.
Summary
- Sonic Price is sharp because his transactions reach the milestone of 120 million.
- The Stablecoin Supply has fallen in recent months.
- The total value locked in the Defi industry has also crashed.
Sonic (s) Token rose on Thursday to a highlight of $ 0.3555, an increase of 25% from the lowest point this week. Then it turned part of that win and acted at $ 0.3300 at the time of the press.
Sonic transactions hit 120m
Sonic jumped after the developers announced that the Layer-1 network was exceeding 120 million transactions, only six months after the launch.
Although this is a remarkable milestone, there are signs that Sonic Momentum loses, which probably explains why his token withdrew after the first wave.
Nansen -data show that the transactions of Sonic in the last 30 days have fallen 202% to 8.6 million. At the same time, the number of active addresses on the network fell by 40% to 232,000. This delay took place, even when other chains such as Arbitrum and Linea saw an increase in transactions.
More data show that the sonic ecosystem is struggling. According to Defi LamaThe amount of Stablecoin in its ecosystem fell to $ 209 million, the lowest level since March and far under the year to date of $ 597 million.
The total value of Sonic has also been in a strong downward trend in recent months. After a peak of almost $ 2 billion earlier this year, TVL has fallen to $ 1.2 billion.
Sonic Price Technical Analysis
The daily graph shows that the Sonic Crypto price has traded sideways in recent days. It traded at $ 0.30, a few points above the year to date from $ 0.2490.
The token has formed a decreasing triangular pattern, a popular bearish continuation signal. With transactions, Defi assets and falling stablecoin delivery, there is a risk of a bearish breakdown. If this happens, the initial target is the low point of $ 0.2490 of all time. A movement below that level would further signal disadvantage.
On the other hand, a movement above the top of the falling channel would attach a bullish breakout and point to more profit.
