$S
The Sonic (S) coin is trading at a level of $0.3023, with daily fluctuations between $0.3002 and $0.3129.
📊 Current Technical Analysis
Key Technical Levels:
Support: The area between $0.30 and $0.29 is considered strong support.
Resistance: S faces resistance at $0.31, and if this level is breached, the price may target $0.32.
Technical Signals:
Moving Averages: The price is trading near the 50-day moving average, indicating neutral momentum.
Relative Strength Index (RSI): It shows a neutral reading, meaning momentum is undefined.
🧩 Influential Fundamental Factors
Restructuring and Improvement: The Sonic network (formerly known as Fantom) has been completely restructured, focusing on performance enhancement and attracting developers.
Competition in the Layer-1 Market: Sonic is facing competition from other Layer-1 networks such as Ethereum and Solana, requiring innovative strategies to maintain growth.