Sonic ($S) trades at $0.4483, down 5.56% in 24 hours.
Price approaches key $0.395 support, a historical turning point.
Weekly decline of 7.3% lags global crypto market's 4.3% rise.
Trading volume surges 41.8%, signaling potential sharp price movement.
Break below $0.395 may lead to further decline toward $0.347.
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Sonic ($S) trades at $0.4483, down 5.56% in the last 24 hours. The cryptocurrency has dropped 7.3% over the past week, lagging behind the global crypto market's 4.3% increase. Despite the decline, trading volume surged 41.8% in the last day, reaching a significant level, according to data from CoinGecko.
The price approaches a key support level at $0.395. This zone has historically acted as both support and resistance, marking it as a pivotal area for market participants, as noted in a 2023 Kriptomat report. A candlestick chart on TradingView highlights this level's importance, showing repeated tests in recent months.
Price Movement and Market Dynamics
Sonic's weekly decline of 7.3% contrasts with the broader crypto market's upward trend. The global market gained 4.3% over the same period, underscoring Sonic's underperformance. However, the 41.8% spike in 24-hour trading volume signals heightened interest among traders.
The $0.395 support level remains critical. Historical data shows this price point has been a turning point for Sonic. In early April 2025, the price briefly dipped below this level before recovering. A similar pattern emerged in late April, with the level holding firm as support.
If the price holds above $0.395, it could indicate a potential trend reversal. A bounce from this level might push Sonic toward resistance near $0.540, a zone tested in mid-April. The increased trading volume supports the possibility of a sharp move in either direction.
A break below $0.395 could lead to further declines. Support levels often turn into resistance once breached, a common occurrence in volatile crypto markets. The next significant support lies around $0.347, a low recorded in early March 2025.
Technical Indicators and Price Risks
The candlestick chart reveals Sonic's recent price action. After peaking near $0.620 in mid-April, the price entered a downtrend, forming lower highs and lower lows. The current price of $0.4483 reflects a 3.23% drop within the last 12 hours, as shown in the chart data.
The $0.395 level aligns with a historical support zone between $0.400 and $0.385. This range has been tested multiple times since March 2025. A failure to hold this support could accelerate selling pressure, potentially driving the price toward the $0.347 level.