Sonic (S) Poised for Major Breakout: $3.30 Target In sight Following Bullish Momentum
- Sonic (S) is showing strong potential for a breakout, with a 480% upside predicted by strategist Javon Marks.
- The Hidden Bullish Divergence pattern and rising trading volume suggest a significant price rally could be near.
- Despite being 48.88% below its all-time high, Sonic is gaining attention and support from both retail and institutional investors.
Sonic (S) is rapidly gaining attention in the crypto market, with a breakout move potentially on the horizon. With its strong bullish momentum and increasing market interest, Sonic is preparing for a significant upside rally. After reaching an all-time high of $1.03, Sonic is now trading nearly 48.88% below that peak, but the current market dynamics suggest the token could be on track to reclaim new all-time highs.
In the past 24 hours, the token has seen a 2% increase, currently trading with a 24-hour trading volume of $347.55 million and a market capitalization of $1.51 billion. Despite being well below its all-time high, the current trading volume indicates a growing investor interest and a potential foundation for a strong price move.
Sonic (S) Eyes 480% Upside Potential
One of the key factors contributing to Sonics potential breakout is its technical chart. Notably, the token has formed a Hidden Bullish Divergence, a pattern often associated with upcoming price rallies. This divergence has been confirmed by both price action and the Relative Strength Index (RSI), which suggests that Sonics current consolidation phase is a precursor to a larger upward move.
Crypto strategist Javon Marks has highlighted that Sonic could experience a massive 480% surge, potentially reaching the $3.30 level. Marks notes that the tokens price history, paired with recent accumulation and positive volume, points to a strong likelihood of a major upward move. Given the current market dynamics, a return to $3.30 is not out of the question for the token in the near future.
Growing Support with Increased Volume
An important aspect of the tokens bullish setup is the noticeable increase in trading volume. Volume is a crucial factor in confirming price movements, and the recent influx of buying activity provides substantial support for a potential breakout. This volume surge could act as a key catalyst, propelling the token to new highs.
As the crypto market continues to show strong bullish sentiment, the token is well-positioned to capitalize on this momentum. With its technical indicators aligning for a breakout and the tokens growing support from both retail and institutional investors, Sonic is a promising project to watch.
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Text source: TronWeekly
