The Sonic Price Analysis: Will it Reach $5 in 2025?
The Sonic price has recently experienced a strong upswing after a period of decline, breaking out of its long-standing downtrend. Currently trading at $0.5595, the price has seen a significant rise of over 12% in the early trading hours, following a period of stabilization at a similar level. This breakout was triggered by the strength displayed by leading cryptocurrency Bitcoin, which showed early signs of recovery.
With the sentiment surrounding small-cap altcoins turning positive, many are now wondering if the Sonic (previously known as FTM) price will reach $5 by 2025.
As the Sonic price hovers just above its breakout zone, market participants are closely monitoring the situation. A drop below this range could temporarily impact the bullish outlook, but chart patterns and technical indicators suggest a strong upward movement could follow a period of consolidation. After testing support at $0.56, the price has regained strength and is now attempting to push towards the $0.6 breakout zone.
Analysis of the daily chart for Sonic reveals a significant shift in momentum, with bullish forces attempting to take control. The price is forming higher highs and lows, signaling a potential uptrend. Additionally, volume levels are supportive of further price increases in the coming days. However, some technical indicators are flashing mixed signals, raising concerns about future price action.
The RSI is showing incremental growth while adhering to an ascending trend line. On the other hand, the CMF has dropped below 0 and is struggling to break above a descending trend line, indicating bearish dominance. The price is currently trading within an ascending triangle pattern, with a potential drop towards $0.5 if a rejection is confirmed. However, as Sonic approaches the apex of the triangle, a breakout from the pattern seems likely.
Looking ahead, the Sonic (previously FTM) price may continue its upward trajectory, reaching around $0.58. A successful break above this level could push prices beyond $0.6, potentially triggering a correction. Following this, the price may target a strong upswing towards $0.8, with further resistance near $0.9. Surpassing these levels could attract increased liquidity and potentially lead to a new all-time high.