Sonic price has held steady in the past few weeks as it surged from a low of $0.3795 in April to $0.6025 this week. Its strong technicals and fundamentals suggest that the Sonic crypto price will likely continue soaring in the coming weeks.
Sonic Blockchain is Firing on All Cylinders
Andre Cronje’s Sonic Blockchain has been a successful launch this year as it continues to see more demand from investors and developers.
Formerly known as Fantom, the network has continued to gain traction because of its business model. Unlike other blockchains, Sonic introduced a revenue-sharing approach that enables it to reimburse its developers some of the fees it generates.
This model has pushed more prominent developers to the network. AAVE has over $415 million in total value locked (TVL), while Silo Finance, Beets, Pendle, and Veda have over $100 million each. In less than six months, Sonic has accumulated over $1.78 billion in TVL.
In contrast, while Cardano, whose token is valued at over $25 billion, has just $400 million in TVL. Sonic has also done better than other networks like Sei, Cronos, Core, and Optimism.
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On top of this, the stablecoin market cap in Sonic has soared to over $538 million, indicating increased usage of the network. Most of the stablecoins in the network are USDC, meaning that the figure would be much higher if Tether’s USDT was minted there.
Sonic has also become a top player in the decentralized exchange industry, where it handled over $728 million in volume in the last seven days, making it larger than other chains like Tron, Avalanche, Polygon, and Aptos.
The biggest DEX platform on Sonic is Shadow Exchange, which has handled over $1.87 billion in the last 30 days.
Sonic Price Technical Analysis
The eight-hour chart shows that the Sonic price has done well in the past few weeks, surging from a low of $0.3795 on April 6 to $0.57. It has formed an inverse head and shoulders pattern, a popular bullish reversal sign, and is now nearing its neckline at $0.6025.
Sonic price has moved above the 50-period moving average, while oscillators have pointed upwards. Therefore, the token will likely continue rising as bulls target the key resistance at $0.98.40, its all-time high, which is about 71% above the current level.
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