Sonic (S) Leads Crypto Market With 54% Weekly Surge, Is $1 The Next Stop?
Sonic (S), previously known as Fantom (FTM), is leading the crypto market with a significant surge over the daily and weekly timeframes. Analysts noted that the post-rebrand bullish momentum has sent the token to test a key resistance level, which could propel the price to the $1 barrier.
Sonic Leads With Post-Rebrand Bullish Momentum
Following the anticipated token upgrade, Sonic’s native token price has seen significant bullish momentum, reaching the $0.80 mark twice. On January 13, Fantom officially rebranded as Sonic, upgrading FTM tokens to S tokens on a 1:1 ratio.
Amid the rebrand, the cryptocurrency hit a yearly high of $0.84 before retracing to the $0.50 support in the following days. Over the past month, the cryptocurrency has hovered between the $0.40-$0.60 price range, finally breaking out of this range at the start of this week.
Crypto analyst Michaël van de Poppe highlighted that Sonic has been one of the key ecosystems recently, with its Total Value Locked (TVL) surging 300% in less than two months. According to DeFiLlama data, Sonic’s TVL has surged from $405.39 million to $635.31 million in the past seven days.
The analyst also remarked S is fully unlocked, unlike other leading altcoins like Solana (SOL) and SUI, and has high throughput and fast settlement. Based on this, he considers Sonic “a true competitor of SOL and likely one to watch for the upcoming year as the price has bounced the strongest.”
Sonic has been one of the leading altcoins this week, surging as the best-performing cryptocurrency in the top 100 with its 54.61% weekly increase. Additionally, it has come on top in the daily timeframe, leading the market with its 20% jump in the past 24 hours.
S Breakout Hits New High
Several market watchers have noted S’s recent performance, suggesting it could continue its bullish momentum. Altcoin Sherpa stated Sonic is “still one of the strongest midcaps there is right now.”
The analysts hinted it could surge to higher price targets as FTM hit an all-time high (ATH) of nearly $4 last cycle.
Meanwhile, analyst Sjuul from AltCryptoGems pointed out that the cryptocurrency formed a rounded bottom over the past four weeks after falling below $0.60. This Monday, S’s price broke above this key resistance.
Over the past three days, Sonic has reclaimed the $0.60-$0.65 price range, confirming the breakout from the one-month downtrend. This performance led S to another 20% surge in the past 24 hours to retest the $0.80 resistance and a new yearly high at $0.87.
However, Ali Martinez stated Sonic could see a spike in profit-taking on the horizon. The analyst indicated that the TD Sequential flashed a sell signal on the 4-hour chart after hitting the $0.80 target from its head-and-shoulders pattern.
A sell-off could see the cryptocurrency’s price retrace to its $0.60 support zone and retest it. Meanwhile, holding the current level could further propel Sonic’s bullish momentum toward the $1 barrier.
As of this writing, S trades at $0.86, a 66% increase in the monthly timeframe.
