$S **๐ Sonic Price Tanks Amid Crypto Market Turmoil โ Is the Dip Worth Buying?**
๐จ **Sonic (SONIC) -11.64%** Current Price: **$0.2824** Market Cap: โ From $3.15B to nearly **๐ $1B**
๐๏ธ **June 20 Highlights**
- Price crashed **12% intraday**, down **74%** from yearly high
- Triggered by **geopolitical tension** (๐ฎ๐ท vs ๐ฎ๐ฑ), sparking a **flight from risk assets**
- Overall **crypto market lost 11%**, Sonic hit hardest
๐ **Bearish On-Chain Data**
- DeFi TVL: โฌ๏ธ from $2B โ $1.54B
- Major protocols (Silo, Pendle, AAVE, Beets): TVL down **35โ50%**
- Daily revenue: ๐ธ $5,977 (from $42,000)
- Stablecoin supply: โฌ๏ธ $200M
- Funding rates: Negative ๐ (May 13: 0.05%)
- User activity & liquidity: ๐ฅ๐งWeak
๐ **Technical Breakdown**
- Lost strong support at **$0.32 & $0.38**
- Broke neckline of **double-top** at $0.618 โ
- Trapped in **falling broadening wedge**
- **Death cross**: 20 SMA < 50 SMA โ ๏ธ
- MACD: Bearish
- Aroon: Up = 0%, Down = High
๐**Next support**: ~$0.26 ๐**Reversal trigger**:
๐ฅ **Todayโs Drop: -12% Again** ๐จ No clear support yet ๐ก โ**Buying the dip?**โ โ Think twice unless bullish reversal signs emerge. Risk still outweighs reward.
personally I don't believe that sonic will give you any positivity in near future so stay away from it
๐ *Stay cautious. Watch for volume, sentiment shift, or breakout above $0.2824 for real recovery signs.*
