The cryptocurrency market is showing signs of recovery following a period of correction, with major altcoins attempting to reclaim lost ground. Among them, Sonic ($S ) has garnered attention with an impressive 15% surge in the last 24 hours, contributing to its 35% monthly gains. Meanwhile, Near Protocol (NEAR) is displaying early indications of a potential rebound after a 34% pullback.
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Sonic (S) Overview
Sonic (S), formerly known as Fantom (FTM), recently achieved a major breakout from a three-year-long descending trendline. This pivotal breakout, which occurred in October 2024, propelled the token above a key resistance level at $0.66, initiating a rally toward $1.47.
Technical Analysis
After reaching $1.47, Sonic faced market-wide corrections, leading to a retracement toward $0.32. However, the token successfully retested the breakout trendline, bouncing back to $0.74. Currently, the price is holding strong at the 200-day Simple Moving Average (SMA), a crucial indicator of potential bullish continuation.
Outlook for Sonic (S)
If Sonic (S) maintains support above the 200 SMA, it is likely to advance toward the $1.47 resistance level.
A decisive breakout above $1.47 could pave the way for new highs, further strengthening its bullish momentum.
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Near Protocol ($NEAR ) Overview
Similar to Sonic, Near Protocol (NEAR) recently broke out of a long-term descending triangle that had constrained its price action for nearly three years. The breakout, which occurred in November 2024, enabled NEAR to surpass the $4.89 resistance level, fueling a rally toward $8.24 before undergoing a correction.
Technical Analysis
Following its recent pullback, NEAR is currently retesting a critical support zone at $3.21. This level coincides with the breakout trendline, suggesting that buyers are actively defending this support area.
Outlook for NEAR
If NEAR holds above this critical support and successfully rebounds, it must surpass the 200 SMA to confirm the next bullish leg.
A breakout above the 200 SMA could set $8.24 as the next key resistance level.
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Market Outlook and Key Considerations
With Sonic (S) and Near Protocol (NEAR) testing key support levels following their respective breakouts, traders should closely monitor price action, trading volume, and broader market sentiment.
A stable Ethereum (ETH) price could support altcoin momentum, potentially driving further rallies in Sonic and NEAR.
Confirmation of strength above key moving averages and resistance zones will be critical for sustained bullish trends in both assets.
As the cryptocurrency market recovers, these two altcoins could be positioned for significant upward movement if key technical levels hold and broader market conditions remain favorable.
