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The Sonic price has surged 5% in the last 24 hours to trade at $0.8551 as of 7 a.m. EST on a 30% pump in trading volume to $384 million.
Sonic Price Breaks Bearish Channel, Eyes Rally Toward $1.00
The S/USDT 45-minute chart shows the market structure, transitioning from a strong bullish rally to a period of consolidation within a bearish channel. Initially, the price surged upward, reflecting strong buying momentum, before facing resistance and retracing into a downward-sloping channel.
However, the price shows signs of a potential breakout from the bearish channel, which could trigger a new upward movement. The current price is trading at $0.8561, with the support zone between $0.8145 and $0.8464, and the resistance zone near $1.00.
The bearish channel formation, characterized by lower highs and lower lows, suggested a temporary decline in momentum. However, recent price action indicates buyers are stepping in, attempting to push the price out of this structure. Several buy (“B”) and sell (“S”) signals have appeared within the channel, highlighting moments of accumulation and distribution.
SUSDT Analysis Source: Tradingview
Now, the price is testing the channel’s upper boundary, and a successful breakout could signal a trend reversal. If the price sustains above the $0.86 level, it could confirm a bullish breakout, opening the door for a rally toward $0.95 – $1.00.
On the other hand, if the breakout attempt fails, the price could drop back into the channel, leading to another retest of the support zone between $0.81 and $0.84.
The Relative Strength Index (RSI), a key momentum indicator, is currently 51.38, with its signal line sitting at 55.59. While this indicates a slight bullish bias, it does not yet signal strong overbought conditions.
If the RSI climbs above 60, it would further validate bullish momentum and suggest increasing buying pressure. The LuxAlgo trendline indicator also highlights trendline breaks, reinforcing the idea that a structural shift could be underway.
If the price successfully breaks and holds above $0.86, bullish momentum could accelerate, pushing the price toward the next resistance levels at $0.95 and $1.00.
However, if the price fails to maintain its breakout and drops back into the bearish channel, traders should prepare for a potential retest of the lower support zone at $0.81 – $0.84.
BTC Bull Token Presale Races Toward $3 Million – Best Crypto To Buy Now?
While the Sonic price struggles at the resistance zone, BTC Bull Token (BTCBULL), a new Bitcoin-inspired meme coin, is gaining strong momentum. It has already raised over $2.7 million in its presale, attracting investors eager to earn Bitcoin rewards.
BTC Bull Token features a unique Bitcoin giveaway system, distributing BTC whenever its price reaches key milestones, starting at $150,000 and then every $50,000 after that.
And for every $25,000 increase in the Bitcoin price, a portion of BTCBULL tokens will be burned, beginning at $125,000. This supply reduction will put upward pressure on the token’s price.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
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— Best Wallet (@BestWalletHQ) February 10, 2025
In addition, the project plans on a major airdrop when Bitcoin hits $250,000, with rewards based on participants’ purchases during the Community Sale.
Investors can also stake BTCBULL tokens for an impressive 164% annual return, with over 642 million tokens already staked.
An analyst on the 99Bitcoins YouTube channel, with over 726k subscribers, predicts BTCBULL could surge 10x after launch.
BTCBULL tokens are currently available for $0.00238 each and can be purchased using BNB, ETH, USDT, or a bank card on the official BTC Bull website.
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