Sonic Token’s Bullish Momentum Gains Traction
Sonic (S) token is making waves in teh crypto market. It recently saw a strong bullish move from its support level. This move has traders excited about its potential.
Traders are watching closely as the price consolidates near a critical resistance. The token’s price action suggests a possible breakout. A bullish engulfing candlestick at $0.39 sparked the rally. This level acted as a strong support, fueling the token’s rise.
Here are the key points:
- A bullish engulfing candlestick at $0.39 signaled a strong upward trend.
- Price is now hovering just below a key resistance point.
- The $0.52 level is a critically important target. It aligns with the 0.618 Fibonacci adn VWAP resistance.
What’s next for Sonic? The token’s price is consolidating near a crucial resistance. This consolidation could lead to a significant breakout. The $0.52 mark is a key level. It matches the 0.618 Fibonacci and VWAP resistance.
Vertical accumulation is when buyers keep pushing the price higher.
Traders should keep an eye on the $0.52 level. It’s a key resistance point. If Sonic breaks through, it could signal a strong bullish continuation. For now, the token’s chart shows strength. There are no clear signs of weakness. Vertical accumulation patterns usually continue until they exhaust. While caution is wise near resistance, shorting Sonic without a clear rejection could be risky.The bulls are in control, and the $0.52 target remains in play. Stay tuned for more updates on Sonic’s price action.
