Sonic Token Hits new Yearly Lows, But a Rebound May Be on the Horizon
Sonic’s price has fallen to $0.22, marking fresh yearly lows. This drop confirms a meaningful bearish trend.Though,the market is now in an oversold state,which could lead to a short-term price bounce.
the token’s value has dropped below key support levels, including the point of control and value area low. This decline signals a shift in market sentiment. Despite the negative trend, oversold conditions suggest that a relief rally might occur soon.
Sonic labs is revamping its tokenomics model to boost U.S. expansion. This move could influence future price action.
Key technical points for Sonic:
- Confirmed new yearly lows at $0.22.
- Extreme oversold conditions increase the chance of a short-term bounce.
- Reclaiming $0.26 is crucial for a potential move to $0.31.
The recent price drop represents a major technical breakdown. A large bearish candlestick confirmed the downward momentum. However, the market is now oversold, which often leads to short-term rallies as sellers tire and buyers step in.
For Sonic, reclaiming $0.26 is critical. If this level is breached, it could signal a move toward $0.31. Past oversold rallies on Sonic have led to strong recoveries, suggesting a similar pattern could emerge.
However, the broader trend remains bearish. Without a clear shift in market structure, the downtrend is likely to continue. A reclaim of $0.26 is key to opening the door for a relief rally. Until then, caution is advised as downside risks persist.
