Sonic’s price surge continues to make waves in the decentralized finance (DeFi) ecosystem, with its value increasing by 200% from its lowest level since its transition.

Sonic’s Growing Presence in DeFi

The main driver behind this surge is Sonic’s growing presence in the DeFi industry. According to recent data, Sonic has attracted nearly 80 developers over the past two months, resulting in a significant increase in total value locked (TVL). The network’s TVL has reached $676 million, making it the 13th-largest blockchain by this metric.

Additionally, Sonic holds over $146 million in stablecoins, surpassing Cardano (ADA) and Cronos (CRO). This growth is largely driven by the rise of decentralized applications (dApps) on the network, including Silo Finance, a lending protocol, which has accumulated over $232 million in assets.

DEX Volume and User Growth

Sonic has also experienced significant growth in decentralized exchange (DEX) volume, with its weekly DEX volume surging by 84% to $501 million. This brings its 30-day total to $1.27 billion, making it the sixth-largest blockchain in terms of DEX volume.

The network’s user base is also growing, with the number of addresses rising to 46,300 and over 2.9 million transactions processed in the past seven days.

Sonic Price Forecast

Based on the formation of a cup and handle chart pattern, a popular continuation indicator, the S price may surge higher in the coming days. The pattern features a horizontal resistance level at $0.8463 and a rounded bottom.

A profit target in a cup and handle pattern is determined by measuring the cup’s depth. In this case, the depth is approximately 57%. By applying the same measurement from the cup’s upper boundary, the target price is projected to reach $1.30, representing a 50% increase from the current level.

Tips for investors:

  • Keep an eye on Sonic’s growing presence in the DeFi industry and its impact on the network’s TVL and DEX volume.
  • Monitor the network’s user base and transaction volume for signs of continued growth.
  • Consider the cup and handle chart pattern and potential profit targets when making investment decisions.

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