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- Sonic breaks the downtrend and targets $0.60–$0.70; $1 is possible with strong momentum.
- Sonic Pay allows USDC.e payments via Apple Pay and Google Pay, and it boosts utility.
- DeFi TVL hits $829.97M; ChainGPT partnership fuels NFT and ecosystem growth.
Analyst Robert Mercer has noted that Sonic has reclaimed crucial support levels and is breaking out of a downtrend. Mercer described this movement as a “programmed” run, with the potential to reach $0.60–$0.70 and possibly even $1.
Mercer highlighted a bullish breakout from a descending trendline supported by strong momentum in a chart shared on X. Such breakouts are often seen as a precursor to further upward movement, reinforcing the optimistic outlook for Sonic’s price trajectory.
Popular trader Crypto Nova supported this bullishness, stating that Sonic has retested its key levels and is now bouncing back. Sonic quickly gained to as high as $0.55 on March 20, representing an increase of 18% higher than its low of $0.45 of the week. It increased its market capitalization to $1.71 billion, and its daily trading volume surged to $216 million, thus revealing heightened investor activity.
One of the main factors supporting this drive is the new Sonic Pay virtual payment card launched in cooperation with RedotPay. With a bit of elegance, the card assists users in performing payments of USDC.e with Apple Pay and Google Pay without the hassle of conversion through Fiat. Apart from increasing Sonic’s applicability in real life, this innovation helps to portray the product as one that people can use for regular transactions.
Sonic’s Ecosystem Expansion
Apart from payment innovations, Sonic is on the right track regarding decentralized finance (DeFi). A strategic collaboration with ChainGPT has also brought more AI solutions to the Sonic blockchain system, such as the ChainGPT Pad and the DegenPad. These tools improve creators’ minting processes, broaden the range of project funding options, and foster the development of new technologies for developers and investors.
Sonic is also powering up its ecosystem on DeFi as well. According to DefiLlama, its TVL hits an all-time high of $829.97 million, a noticeable jump from $25.41 million at the beginning of the year. This has made Sonic one of the fastest-growing blockchains by TVL and increased its popularity in the crypto market.
Sonic remains to have a very bullish stance. It bounced out of a long-term descending parallel channel. Therefore, the Aroon Up is 85.71 % while the Aroon Down is 7.14%. The Relative Strength Index (RSI) is slightly above 60, meaning the price moves further upward before entering the sell zone.
Source: TradingView
The fundamentals of funding rates and open interest indicate that traders are bullish on Sonic derivatives. This rise is a positive signal to the market and indicates that there could be more increase in the current upward trend.
Currently, Sonic is trading at a price of $0.52, which the crypto community has shifted focus on. Based on the fundamentals, technical condition, and the supporting environment’s growth, Sonic seems promising for long-term development.
