Sonic Token Holds $0.30 Support, Eyes Rally to $0.40
Sonic Token is consolidating firmly above the $0.30 support zone, anchored by overlapping technical factors such as the 0.618 Fibonacci retracement, point of control and value area low. This accumulation phase reflects growing confidence after Sonic Labs, a Fantom spin-off, secured strong community backing for its first governance proposal. However, volume remains muted and must increase to validate any bullish breakout. Key resistance levels at $0.35 and $0.40 will serve as critical milestones: a close above $0.35 would confirm renewed momentum, while a sustained move past $0.40 could trigger a broader uptrend. Traders should monitor volume inflows closely, as historical altcoin patterns show that breakouts from tight consolidation often precede sharp rallies.
Bullish
Sonic Token’s ability to defend the $0.30 demand cluster—backed by Fibonacci retracement, point of control and value area low—signals a classic accumulation setup. Similar patterns in other altcoins (e.g., FTM’s consolidation in Q2 2024) led to 20%+ rallies once volume confirmed the move. A close above $0.35 would likely spark a short-term run to $0.40, while breaking $0.40 could extend gains into higher Fibonacci extension targets. The recent governance vote adds a fundamental catalyst, suggesting both short-term momentum and renewed long-term confidence. Thus, the outlook is bullish.