Sonic (S) has been making waves in the decentralized finance (DeFi) industry, with its price rallying 12.5% in a market that saw major altcoins like Ethereum (ETH) and XRP experiencing losses. The surge in Sonic’s price to $0.903 on Feb. 24 marked a significant jump from its lowest level since its transition, with a market cap exceeding $2.7 billion and a daily trading volume of over $337 million.
One of the key drivers behind Sonic’s recent gains is the speculation that crypto exchange Binance has become a validator for the Sonic network. While this news has not been officially confirmed, it has sparked community interest and led to discussions about the potential launch of staking for S on the Binance platform.
Additionally, Sonic has partnered with Fjord Foundry, a decentralized fundraising launchpad that will enable developers to raise funds and launch tokens using S through various sales mechanisms. This integration is expected to enhance S’s utility and adoption, attracting new projects to the Sonic ecosystem and increasing demand for the token.
Sonic’s growing presence in the DeFi industry is evident in its collaboration with nearly 80 developers over the past two months, resulting in dApps with a total value locked of $724 million. This has positioned Sonic as the 9th-largest blockchain by TVL, with top DeFi protocols like Silo Finance, Beets, Shadow Exchange, and Avalon Labs managing over $100 million each in TVL.
In terms of price action, Sonic has shown multiple bullish signals on technical indicators. The Aroon Up and Aroon Down indicators on the 4-hour S/USDT chart indicate strong buying pressure, while the Relative Strength Index has remained above 50, signaling sustained bullish momentum. The +DI and ADX lines are also above 20, suggesting further upside potential in the short term.
Analysts have identified a Cup and Handle pattern on the S 4-hour chart, projecting a target price of $1.475, representing a 75% increase from the current level. Other analysts have even more bullish targets, with predictions of $2 for Sonic based on its recent breakout from an accumulation phase.
As Sonic continues to gain traction in the DeFi space and attract interest from investors and developers, its price remains on an upward trajectory, with a current value of $0.873 per coin. It’s important to note that this article does not constitute investment advice and is intended for educational purposes only.