$S 🔥Will Sonic Surpass $1 in February?
Sonic Price Analysis:
However, if the trend reverses, Sonic could face significant downside risks. The first support levels lie at $0.65 and $0.58, which, if broken, could open the door for further declines.
In this bearish scenario, Sonic could fall as low as $0.47. In the worst-case scenario, it could hit $0.37, which would represent a correction of over 50%.
Sonic (S) is currently experiencing strong bullish momentum, with its price rising by almost 15% over the past 24 hours and 53% over the past seven days. Its market cap now stands at $2.6 billion, reflecting growing investor interest and increased trading activity.
Technical indicators show that Sonic’s ADX is at 51.6, confirming the strength of the ongoing uptrend. Its RSI of 78.4 suggests that buying pressure remains intense, although overbought conditions could lead to near-term pullbacks. Sonic could test resistance levels at $0.849 and potentially $1.06.
Sonic’s EMA lines have recently formed two golden crosses, signaling strong bullish momentum. A golden cross occurs when a short-term EMA crosses above a long-term EMA, typically indicating the start of an uptrend. If this bullish momentum continues, Sonic could test resistance at $0.849.
If it breaks above this level, the next price target for Sonic would be $1.06. That would mark its highest price since late December 2024. This would confirm the ongoing uptrend and could attract further buying interest, pushing Sonic prices higher as bullish sentiment strengthens.
