Sonic has faced a challenging 2025, falling over 40%. February seemingly triggered a reversal that led to a 200% increase, but the price created a lower high and resumed its downward movement.
By April 9, the S price returned to its yearly low. The same day, the Sonic team announced the Sonic Summit, which will take place in Vienna from May 6 to 8.
After creating a bullish candlestick, Sonic confirmed its $0.40 support area and is attempting to break out. Let’s look at the charts and see if this can be the start of a sustained rally.
Secondly, it created a possible double-bottom pattern relative to the March lows, though it has yet to confirm it.
The S price needs to break out from its descending resistance trend line to do so. Doing so could take S to the $0.60 horizontal resistance area.
Technical indicators also tend to be bullish. The MACD illustrates this perfectly by generating a bullish divergence (orange) and is close to making a bullish cross.
So, even though the long-term trend is unclear, the short-term one predicts a breakout and an increase to $0.60.
Bullish Pattern Plays Out
The Sonic price trades above long-term diagonal support but has yet to begin a significant bounce.
The short-term chart shows a bullish pattern, suggesting a breakout on the cards.
If one happens, the S price can reach the next closest resistance at $0.60.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
