bitcoin
Bitcoin (BITCOIN)
$109,240 0.08%
ethereum
Ethereum (ETHEREUM)
$4,349 -3.09%
binancecoin
BNB (BINANCECOIN)
$847.52 -2.06%
solana
Solana (SOLANA)
$199.35 -3.01%
ripple
XRP (RIPPLE)
$2.76 -2.18%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 -1.84%
pepe
Pepe (PEPE)
$0.000010 -3.32%
bonk
Bonk (BONK)
$0.000021 -9.89%
bitcoin
Bitcoin (BITCOIN)
$109,240 0.08%
ethereum
Ethereum (ETHEREUM)
$4,349 -3.09%
binancecoin
BNB (BINANCECOIN)
$847.52 -2.06%
solana
Solana (SOLANA)
$199.35 -3.01%
ripple
XRP (RIPPLE)
$2.76 -2.18%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 -1.84%
pepe
Pepe (PEPE)
$0.000010 -3.32%
bonk
Bonk (BONK)
$0.000021 -9.89%
bitcoin
Bitcoin (BITCOIN)
$109,240 0.08%
ethereum
Ethereum (ETHEREUM)
$4,349 -3.09%
binancecoin
BNB (BINANCECOIN)
$847.52 -2.06%
solana
Solana (SOLANA)
$199.35 -3.01%
ripple
XRP (RIPPLE)
$2.76 -2.18%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 -1.84%
pepe
Pepe (PEPE)
$0.000010 -3.32%
bonk
Bonk (BONK)
$0.000021 -9.89%
Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Sonic Price Forecast: SONIC Could Rally to $0.33 as Vote for US Expansion Approved

Highlights:

  • Sonic is still in the red today, but bulls are taking control
  • Excitement on the rise after governance vote on US expansion passes
  • The expansion plan could unlock billions in Wall Street capital 

Sonic (S) is in the red today, a mirror of the price action across the market. At the time of writing, Sonic was trading at $0.315, down by 1.2% in the day. However, trading volumes have shot up intraday by 41.39% to $75.81 million. This signals that short-term traders are exiting their positions out of panic that the price could be headed lower. Such price dynamics could be due to Bitcoin’s recent price action, which has seen it approach the critical $100k price level. 

Advertisement

Banner

Analysts are raising the alarm that if Bitcoin drops below $100k, it could crash to much lower prices. Since Bitcoin determines the overall direction of the altcoin market, Sonic holders, like those of other altcoins, are jittery. However, the dynamics could shift drastically for Sonic, and the price could be headed toward a parabolic rebound. That’s because a lot is happening within the Sonic Labs environment, which could trigger FOMO buying in the foreseeable future. 

Sonic Labs Passes Governance Proposal

One big news item around Sonic is that Sonic Labs passed a governance proposal on US expansion and TradeFi adoption. The proposal got an overwhealming 99.99% approval, meaning the whole Sonic community approved it. The proposal has several details that could drive positive investor expectations around Sonic going forward. Among them are a $50 million allocation to push for a Sonic ETF, $150 million worth of Sonic (S) tokens for market expansion in the US, and, most exciting, a NASDAQ PIPE allocation of $100 million.

Sonic Labs’ move to integrate with TradeFi through familiar pathways such as ETPs and PIPEs is a breakaway from the route many cryptocurrencies have taken in the past. Most of them have taken the crypto-to-TradeFi route. Through its chosen path, Sonic Labs is assured of quick expansion by leveraging the power of Wall Street. The result is that Sonic Labs could be headed for a surge in token valuation, especially once it entrenches itself in the US market.

US Economic Data to Be Hosted On Sonic

Another big news for Sonic concerns US economic data. Recently, the US government announced that it would be publishing economic data on-chain. The move is such a big deal that it saw the values of Chainlink and Pyth, the two data oracles chosen for the deal, rocket by double digits.

Sonic will likely replicate the same success because it is one of the first networks to host this data alongside Ethereum. This is a big deal, especially in terms of perception amongst investors. It sends the message that Sonic is a credible network worthy of recognition by a major government. It is a factor that could trigger FOMO in S unprecedentedly. 

Upcoming Rate Cuts Could Add to Sonic Momentum

All these developments around Sonic are also coming at a time when the macro environment is set to improve for cryptocurrencies. There is a high expectation that the US Federal Reserve will cut interest rates sometime this month. This will unlock liquidity into risk-on assets such as S in an unprecedented manner and push the price to new highs. 

Technical Analysis – Sonic Bounces Off Support After US Expansion News

Following news about passing a governance vote on US expansion, Sonic has bounced strongly off the $0.304 intraday support. If the momentum continues, the key level to watch would be the 24-hour resistance at $0.320.

SONIC
Source: TradingView

If bulls are strong enough to push Sonic through the $0.320 resistance, a rally to $0.330 could follow. On the other hand, if the momentum wanes and bears push the price through the $0.304 support, then a correction to prices as low as $0.25 could follow. However, with the broader market also attempting a rebound, Sonic will likely be headed higher.

eToro Platform

Best Crypto Exchange

  • Over 90 top cryptos to trade
  • Regulated by top-tier entities
  • User-friendly trading app
  • 30+ million users
9.9

5 Stars

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Advertisement

Banner

Advertisement

Banner

Advertisement

Banner