Sonic ( $S ) Surges 19.4% Amid Key Resistance Test: What Traders Should Watch Next

Sonic (S) Rallies Nearly 20% — Can It Break Through Key Resistance?

Sonic (S) has sparked renewed interest in the #crypto markets rallying 19.4% within 24 hours at press time, with momentum suggesting even more upside could be on the way. The price recently tested a crucial local #support level at $0.297 on July 29 and 30, reinforcing the significance of the $0.3 support zone that has held firm for about a month.

Sonic’s Recent Price Action: A Month of Range-Bound Trading

Over the past month, Sonic’s price has been largely range-bound, oscillating between roughly $0.3 and $0.418. Bulls attempted to push beyond this range on July 18, but their breakout efforts were swiftly rejected, keeping the token trapped in a tight #trading corridor.

Despite the failed breakout, the bulls have maintained a relative advantage throughout July, as highlighted by the On-Balance Volume (OBV) indicator, which tracks buying and selling pressure by cumulatively adding or subtracting volume depending on price movement.

Trading Sonic’s Range: Key Levels and Indicators

Daily Timeframe Analysis

On the 1-day chart, Sonic is confined within a well-defined range marked by:

Support: $0.3

Resistance: $0.418

Mid-range resistance: Approximately $0.356, currently a critical hurdle.

At press time, Sonic was approaching this mid-range resistance, putting the spotlight on whether buyers could muster the strength for a breakout.

While the OBV has climbed steadily over the past week—indicating increased buying pressure—the Chaikin Money Flow (CMF) remains subdued, lingering below +0.05. This is a red flag suggesting that the inflow of capital isn’t yet strong or sustained enough to confirm bullish dominance.

Further, the Money Flow Index (MFI) also shows weakness on the bullish side, reinforcing the possibility that Sonic might struggle to clear the $0.356 resistance level.

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