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Sonic, a layer-1 blockchain project, could potentially rally nearly 30% from its current price, driven by the launch of its virtual payments card and its expanding footprint in the decentralized finance (DeFi) sector through strategic partnerships. Analysts are optimistic about the token’s price trajectory, citing technical indicators and growing adoption as key factors behind its bullish outlook.
Sonic’s Price Outlook: Analyst Predictions
According to crypto analyst Robert Mercer, Sonic has successfully reclaimed key support levels and is breaking out of a prolonged downtrend. This breakout positions the token for what Mercer describes as a “programmed” rally toward the $0.60–$0.70 range, with the possibility of reaching $1 under favorable market conditions.
Mercer’s analysis highlights a bullish breakout from a descending trendline on Sonic’s price chart, supported by strong momentum. Historically, such setups often precede significant upside potential.
Well-known crypto trader Crypto Nova has echoed this sentiment. Nova noted that Sonic has retraced to critical levels while showing signs of a healthy rebound. “Sonic defied the market last month with a decent rally. It could likely do so again,” shared Nova, underlining the token’s resilience.
Recent Price Performance and Market Metrics
On March 20, Sonic’s price surged nearly 11% to an intraday high of $0.55, marking an 18% rally from its weekly low of $0.45. The token’s market capitalization currently stands at $1.71 billion, while its daily trading volume has nearly doubled to $216 million compared to the previous day.
Key Catalysts Behind Sonic’s Rally
A major driver of Sonic’s recent uptrend is the launch of Sonic Pay, a virtual payment card developed in collaboration with RedotPay. This innovative payment solution enables users to make purchases using USDC.e via Apple Pay and Google Pay, removing the complexities of crypto-to-fiat conversions. This development significantly enhances Sonic’s real-world utility and adoption potential.
Additionally, Sonic is making strides in the DeFi space through important partnerships. One notable collaboration is with ChainGPT, which has integrated its AI NFT Generator, ChainGPT Pad, and DegenPad with Sonic’s high-speed blockchain infrastructure. These integrations streamline NFT minting, enhance fundraising opportunities for Sonic-based projects, and contribute to the ecosystem’s overall growth.
DeFi Expansion and Total Value Locked (TVL)
Sonic’s presence in the DeFi sector has grown considerably. According to recent data, the blockchain’s total value locked (TVL) has reached an all-time high of $841.5 million—a substantial increase from $25.41 million at the start of the year. Sonic was also one of the fastest-growing blockchains by TVL in February, further solidifying its position in the market.
Moreover, Sonic’s layer-1 blockchain has been recognized as one of the fastest in terms of block time, outperforming notable competitors like Solana, Arbitrum, and Base. This speed advantage enhances its appeal to developers and users alike, driving further adoption.
Technical Indicators Signal Strength
Technical analysis suggests Sonic is poised for further gains. On the 4-hour USDT price chart, the token continues to trade above the multi-week descending parallel channel it broke out of on March 14. This breakout has set the stage for potential upward momentum.
The Aroon Up indicator currently sits at 85.71%, while the Aroon Down is at 7.14%, signaling strong buying pressure. Meanwhile, the Relative Strength Index (RSI) is at 60, indicating that Sonic has room to grow before reaching overbought territory.
Additionally, the token’s funding rate remains positive, accompanied by a rise in open interest. These metrics suggest that derivatives traders are increasingly placing bullish bets on Sonic, further boosting market confidence and momentum.
Price Targets and Current Trading Levels
Sonic appears well-positioned to revisit the $0.70 range—a level it has struggled to hold in previous attempts this year. At the time of writing, Sonic is trading at $0.53 per coin, signaling potential upside for investors monitoring its performance.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research before making investment decisions.
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