- Sonic jumped 69.89% in last week.
- While Sonic knows a strong bullish dynamic, an analyst awaits a correction.
Since he reached a minimum of $ 0.39 two weeks ago, Sonic (s) has experienced a sustained ascending dynamic.
In fact, at the time of the editorial staff, Sonic was negotiated at $ 0.98. This marked a 25.07% increase in daily graphics. During the same period, the negotiation volume increased by 58.71% to $ 1.12 billion.
Similarly, the Altcoin made gains on weekly and monthly cards, on a hike of 69.89% and 47.99% respectively.
With the recent price pump, the main stakeholders were left under discussion. Insofar as the popular crypto analyst Ali Martinez suggested a potential correction, citing sequential TD.
The feeling of the market suggests …
In his analysis, Ali Martinez postulated that Sonic struck the target from his head and shoulder model.
With this achievement, the SEQUENTIAL TD flashed a sales signal on the 4 -hour graphics.
Source: X
With this signaling sale, investors are very likely to turn to profits, resulting in down pressure on Sonic as the sales pressure increases.
Based on this analogy, we could see that sonic prices start to decrease after sellers enter the market. The question is whether the above analysis could hold or buyers absorb any sales pressure.
What Sonic’s graphics suggest
According to Ambcryptto’s analysis, Sonic is still experiencing a strong upward dynamic with buyers dominating the market.
Source: tradingView
The rising MacD line indicates a momentum up. This suggests that short -term prices action is strengthened in relation to the long -term price.
With the MACD line above the signal and the histogram, it confirms a strong upward dynamic and signals the potential of the upward trend.
This upward strengthening suggests that buyers are active on the market, which increases prices thanks to organic demand. This is confirmed by the RSI increasing, which increased to 77.
While the RSI increases, it has not yet reached extremely successful areas where a correction could occur. Consequently, there is still room for growth before a substantial drop.
Source: Coringlass
Looking further, Sonic’s open interest (OI) increased by 44.26% to reach a new summit of $ 152.28 million.
When the OI increases while prices also increase, this implies that investors are optimistic, thus opening longer positions. Consequently, new investors continue to enter the market, reflecting high demand for S.
Source: Coanyze
Finally, the aggregated financing rate of Sonic AVG has remained positive in the last two days. This implies that longs are optimistic and ready to pay bonus costs to occupy their positions.
Sonic always experiences solid bullish feelings, positioning S for more earnings on its price graphics. Therefore, in the short term, the upward trend could continue.
However, for this optimistic perspective to hold, S must stay above $ 0.9. An escape above will see here that the Altcoin has reached a two-month summit of $ 1.0.
Conversely, if it does not hold these levels, the correction provided by Martinez will occur and S could drop to $ 0.844.
