The past 24 hours have been green for the entire crypto market, with altcoins leading the gains. Sonic [S], formerly Fantom, was among the most-visited coins on CoinMarketCap as it rallied more than 11% during this crypto resurgence.
The technical outlook was strengthening, though its network activity was mixed in sentiment, though there were metrics that were bullish.
Sonic price eyes to flip range’s top at $0.05
On the charts, Sonic price has been trading inside a range for the past one and a half months between the $0.0386 and $0.0517 zones.
At press time, S was above the mini range between $0.0386 and $0.0445, where liquidity was obliterated. The price action appeared to be entering a retest phase amid rejections in the last two candles.
The altcoin traded above the SuperTrend on the 4-hour chart, indicating bulls are in control of the price movement despite being in consolidation. This has been confirmed by capital inflow.
In fact, the Chaikin Money Flow (CMF) has flipped above the neutral level with the reading at 0.05. However, this metric was declining from a peak of 0.26 at press time, indicating some traders took profits.
S prices were aiming to flip the $0.05 zone, which would shift the current bearish setup of the altcoin. Again, there was a possibility of bears rejecting this flip, extending the sideways movement.
Mixed sentiments on network activity
Looking at the Sonic Explorer at press time, the number of Unique Addresses hit a peak value of 6,363,244 after a 0.13% increase. About 8,178 addresses were newly added in the past 24 hours, which indicated a spike in network activity.
Additionally, exchanges were staking S tokens, indicating long-term confidence and security in the Sonic Network. As per a post on X, Binance staked 76 million S tokens.
However, the overview statistics were mixed, with total addresses increasing while others were declining.
Despite adding 8,178 addresses, it was a daily drop of 31%. The number of daily transactions was 140,236, down 47%.
The network also lost 59% in terms of total transaction fees alongside average fees. This was an indication that traders were not using the network as much.
Altogether, S was rallying amid an increase in daily Unique Addresses and massive staking by Binance. However, the lack of synchronization across network activity metrics could be a hurdle to this rally’s continuation.
Final Summary
- Sonic rallies 11% amid a spike in unique addresses and Binance’s 76M S token staking.
- S price eyed to flip the $0.05 zone, but price was struggling to surpass the mini range’s top at $0.0445.