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After finding a strong support zone, S reversed higher, forming a healthy BC retracement and now building the CD leg. Currently, S trades near $0.54, showing steady bullish momentum within the harmonic setup.
The D point of this pattern — the typical reversal zone — is projected at the 1.272 Fibonacci extension of the XA leg, which lands near $0.7075. This suggests that S could still rally another 30% from the current levels before facing any strong selling pressure.
Sonic (S) is trading in a critical resistance zone on the CD leg — an area that could trigger either profit-taking or a quick acceleration depending on momentum.
Before reaching the final D point, the coin must first break above the intermediate resistance at $0.5859, which coincides with the 0.786 Fibonacci retracement level. A solid breakout from there could send S flying toward the final butterfly target much faster.
On the technical side, the structure remains bullish. The MACD indicator is also turning positive, with a bullish crossover showing early signs of growing momentum. Moreover, the recent series of higher lows supports the idea that buyers are stepping in consistently.
