Sonic’s Prize stated 12.5%, different from the wider market trend while market participants Bullish remained about the growing fame in decentralized finances.
Sonic (s), formerly known as Fantom, rose on Monday 24 February to $ 0.903, which marked a jump of 140% of the lowest level since the transition. Market capitalization was more than $ 2.7 billion, while the daily trade volume rose slightly and floating on the press of more than $ 337 million.
This increase in the prize came when the global crypto market fell by 3.7% in the last day, with large altcoins such as Ethereum (ETH), XRP (XRP), Binance Coin (BNB), Solana (SOL) and Dogecoin (Doge ) Losing admission of 4-8%.
The main motivation behind Sonic’s win today seems to be a recent community report Sugguing that Crypto exchange binance has become a validator for the Sonic Network. Although this was not directly confirmed by Binance or the Sonic team, the news probably fueled the interest of the community, with a number of speculation or this could lead to the launch of drafting for S on the platform.
In addition, Sonic to collaborate With Fjord Foundry, a decentralized fundraising lancciation path that would enable developers to collect funds and launch tokens with the help of S with a fixed price sale, liquidity -boat strapping pools and layered sale.
The integration will probably increase the usefulness and acceptance of S, which puts new projects on the sonic ecosystem and increase the demand for token.
The growing presence of Sonic in the Defi industry has also contributed to the positive momentum.
According to For Defi Lama, Sonic has attracted nearly 80 developers in the last two months. These Dapps have locked $ 724 million in total value, making Sonic the 9th largest blockchain due to this metric. Some of the top Defi protocols on Sonic are Silo Finance, Beets, Shadow Exchange and Avalon Labs, each manage more than $ 100 million in TVL.
Furthermore, Dapps have seen a remarkable walk on the Sonic Minnet in the daily income, on average $ 176.4k in the past two days – taken higher than the $ 24.73K on February 22.
Sonic price promotion
Multiple technical indicators have marked bullish signals. On the 4-hour S/USDT graphics, the Aroon was up to 85.71% and Aroon with 21.43% indicated that the purchasing pressure was much greater than the sales pressure at the time of the press.
The relative strength index, which has remained over 50 in the past two weeks, also showed a sustainable bullish momentum in the game.
Furthermore, both the +Di- and ADX lines are higher than 20, which indicates more potential upward set -up in the short term.
Analysts have that too spotted A rare bullish pattern that forms on the S 4-hour graph. For each analyst Jagoilio.Sonic’s price, a cup and fence pattern has formed on the graph, a popular continuation indicator in technical analysis.
As such, he estimates that a target price of $ 1,475 completes the pattern, which represents an increase of 75% compared to the current level. The projected price reflects a similar target predicted by analysts at crypto.news earlier.
Colleague analyst Tyler predict Another bullish target at $ 2 and noted that the Altcoin had been in an accumulation phase in the past month before it broke out last week.
At the time of the press, S still kept a 7.3% profit on the last day, exchanging hands at $ 0.873 per coin.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
