Sonic Surges Amid Crypto Market Sluggishness
Despite a slow crypto market, Sonic has seen a significant rise this week. The growth is thanks to its expanding decentralized finance (DeFi) ecosystem and positive technical indicators.
On April 4, Sonic (S) reached a daily high of $0.514, a 11% jump in 24 hours. this surge comes as trade war tensions continue to dampen investor confidence. Though, Sonic’s DeFi ecosystem has shown steady growth in usage and capital inflows.
The total value locked (TVL) in Sonic’s DeFi ecosystem is nearing $2 billion. On April 4, the TVL hit an all-time high of $1.8 billion. This figure includes all assets bridged to and from the Sonic network and other chains.
since its launch, Sonic’s TVL has consistently risen. It broke the $1 billion mark on April 2, showing the platform’s steady growth.
Sonic’s rally is particularly noteworthy given the bearish market.The ongoing global trade war has affected most crypto and stock assets, but Sonic’s DeFi sector remains strong.
As rebranding from Fantom on December 18, Sonic’s DeFi TVL has surged from $520,540 to $987 million, a 189,510% increase. In contrast, Solana’s DeFi TVL has fallen from $11.7 billion to $6.4 billion.
Some analysts believe Sonic might potentially be undervalued. On March 24, DeFi analyst DeFi Plug noted that Solana’s market cap was 12 times its DeFi TVL. Sonic’s ratio is 2, suggesting more potential growth.
