- Large transactions in the past 48 hours could be fueling a potential price surge.
- The chart showed that Sonic could trade back to $0.98 as other bullish sentiments align.
In the past 24 hours, Sonic [S] has surged over 2%, bringing its current price to $0.72.
This move could be a continuation of its 35% bullish rally over the past month and may potentially recover its 10.40% loss from the past week.
Large investors make the first move
In the past 48 hours, large investors controlling more than 1% of the asset’s total supply have increased their holdings.
During this period, this cohort acquired approximately $1.16 million worth of Sonic, leading to a corresponding price increase.
When trading volume surges among large investors alongside a price jump, it typically suggests their activity is a “buy.”
However, on the chart, Sonic’s move is facing resistance as it trades within a tight range of $0.72 to $0.73, which could impact its rally.
This resistance has formed as the asset breaches a major descending channel—historically a key catalyst for significant price rallies.
Source: IntoTheBlock
To assess whether Sonic is likely to break through this level, AMBCrypto analyzed its in/out of the money around price (IOMAP) data, which helps identify potential buy and sell pressure at different price levels.
Currently, at Sonic’s price level, there is notable buying interest.
IOMAP data shows that 3.61 million FTM has been traded between $0.71 and $0.73, suggesting that the current sluggish movement could be due to price accumulation—potentially setting the stage for a breakout.
If the accumulation phase ends and the asset breaches resistance, Sonic could rally by 33.94% to approximately $0.99, nearing the $1 level it last traded at in December 2024.
Source: TradingView
Spot market traders steps in
According to Coinglass, spot market traders have been accumulating Sonic over the past week. Between the 24th to the 30th of February, these traders purchased $21 million worth of the asset.
Source: Coinglass
This is reflected in the exchange netflow turning negative, indicating that traders are not just buying Sonic, but also moving it into private wallets for long-term holding.
This reduces the likelihood of selling during brief market shakeouts.
Credit: Source link
