Is Sonic (S) Headed for More Losses After an 11% Drop?

• Sonic (S) price has fallen to $0.4985, marking an 11.14% decline.
• The market cap and trading volume have dropped to $1.43B and $140.8M, respectively.

Sonic (S), formerly known as Fantom (FTM), has seen a notable downturn in price and market activity. The token is currently trading at $0.4985, marking an 11.14% decline in the past 24 hours

The market capitalization has fallen to $1.43 billion, reflecting the same percentage decrease. The 24-hour trading volume has dropped by 7.34% to $140.8 million, and the fully diluted valuation (FDV) now stands at $1.58 billion. Sonic’s circulating supply is 2.88 billion S, with a total supply of 3.17 billion S.

Will Sonic (S) Plunge Further?

S is currently testing support at $0.45. A break below this level could push prices further down toward the next support at $0.38. On the upside, resistance is forming near $0.60. If S can rebound and break past this resistance, the next key level to watch is $0.75.

The RSI stands at 41.77, with a low of 31.06, indicating weak buying momentum. It remains below the neutral 50 level, suggesting that bearish sentiment is still in play. If the RSI dips below 30, S may enter the oversold territory, increasing the chances of a rebound.

The CMF is at -0.21, confirming a negative money flow, meaning selling pressure is dominating. If CMF continues downward, it may indicate further price drops. A reversal above 0.00 would signal increasing liquidity and renewed investor confidence.

The 50-period moving average (MA) is currently above the 14-period RSI, forming a bearish crossover, which typically signals downward pressure. The price remains below the 200-period MA, further confirming the ongoing bearish trend. For a trend reversal, S would need to reclaim levels above the 50-period MA, supported by rising RSI and volume.

If Sonic (S) maintains its current trajectory, a drop below $0.45 could accelerate selling pressure, targeting $0.38 as the next support. However, if buyers step in, pushing RSI above 50, and CMF turns positive, S could reclaim $0.55 and potentially retest $0.60. A breakout above this level may open the door to $0.75.

Sonic (S) is facing continued bearish pressure, with key indicators pointing to further downside risks. RSI and CMF show weak momentum while moving averages suggest a bearish trend. If support at $0.45 holds, a relief rally could occur, but without strong buying pressure, S may continue declining toward $0.38

Highlighted Crypto News TodayEthereum (ETH) Faces Heavy Selling Pressure: Is $1,500 the Next Stop?