The price of Sonic increased by 12.5%, deviating from a wider market trend, since market participants remained optimistic of growing fame in decentralized finances.
On Monday, February 24, Sonic (S), previously known as Fantom, grew to $ 0.903, noting 140% jump from the lowest level from the moment of its transition. His market capitalization sat at more than 2.7 billion dollars. The United States, while its daily trading volume has grown a little, which punished more than 337 million dollars. USA during the press.
This surplus price for S came, since the world market of crypto factors fell by 3.7% over the last day, while the main altcoins, such as Ethereum (ETH), XRP (XRP), Binance Coin (BNB), Solana (SOL) and Dogecoint (DOGE) recorded 4-8%.
The main driver lying today as a result of Sonic’s profit today is the recent community report that suggests that Crypto Exchange Binance has become a validator for Sonic Network. Although this was not confirmed directly by Binance or the Sonic team, the news probably caused the interest of the community, with some reflections on whether this could lead to the launch of Staking for S on the platform.
In addition, Sonic in partnership with the FJord Foundry, a decentralized initial equipment collection panel that would allow developers to collect funds and launch tokens using S-sales with a fixed price, pools at the initial loading of liquidity and multi-level sales.
Integration will probably increase the utility and adoption of S, attracting new projects to the sound ecosystem, while increasing the demand for token.
The growing presence of Sonic in the Defi industry also contributed to a positive impulse.
According to Dezi Lama, Sonic has attracted almost 80 developers over the past two months. These Dapps collected $ 724 million. The United States with a total blocked cost, which made the 9th blockchain Sonic with this metric. Some of the best Defi protocols on Sonic include Silo Finance, Beets, Shadow Exchange and Avalon Labs, each of which controls the TVL of more than $ 100 million.
In addition, Dapps built on Sonic Mainnet saw a noticeable trip to daily income, on average 176.4 thousand dollars. Over the past two days – higher than 24.73 thousand dollars. USA, registered on February 22.
Sonic Price Action
Several technical indicators noted bull signals. In the 4-hour S/USDT Aroon UP diagram, it was 85.71%, and in 21.43%, the purchase is much more than the pressure on the sale during printing.
The relative force index, which remained above 50 over the past two weeks, also showed a stable bull impulse in the game.
In addition, both the +DI lines and ADX is higher than 20, which indicates a greater potential growth in the short term.
Analysts also noticed a rare bull sample formed in a 4-hour S. Analyst Jagoilio.sonic S Price formed a cup and a scheme of a handle on a graph, a popular indicator of continuation of technical analysis.
Thus, he estimates the target price of $ 1.475, provided by S, completes the template, which is 75% more compared to the current level. The predicted price repeats the similar goal predicted by analysts in Crypto.news earlier.
Comrade -analyst Tyler predicted an even more optimistic target of $ 2, noting that Altcoin was at the accumulation stage over the past month before he broke out last week.
During the press, S still held 7.3% of the profit over the last day, exchanging hands at 0.873 dollars per coin.
Disclosure: This article does not submit investment tips. The content and materials presented on this page are intended only for educational purposes.
