Why Sonic’s Price Skyrocketed: The Wild Ride of Crypto! 🚀💰

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In a world where the winds of fortune blow capriciously, Sonic’s price, that elusive creature, rallied a staggering 12.5%. It danced away from the broader market’s gloomy embrace, as the hopeful souls of the market clung to their bullish dreams, believing in the rising star of decentralized finance.

Once known as Fantom, Sonic (S) soared to a dizzying height of $0.903 on this fateful Monday, February 24, 2025. This marked a jaw-dropping 140% leap from its lowest depths since its metamorphosis. With a market cap that sat comfortably over $2.7 billion, its daily trading volume, like a shy child, crept up to just over $337 million at the time of this writing.

But lo and behold, this surge in Sonic’s price came as the global crypto market took a tumble, dropping 3.7% in a fit of despair. Major altcoins like Ethereum (ETH), XRP, Binance Coin (BNB), Solana (SOL), and even the ever-enthusiastic Dogecoin (DOGE) found themselves in the red, losing 4-8% of their value. Oh, the irony! 😂

The catalyst for Sonic’s meteoric rise? A whisper in the community, a report suggesting that the mighty crypto exchange Binance had donned the mantle of a validator for the Sonic network. While neither Binance nor the Sonic team confirmed this rumor, the mere thought ignited a spark of interest among the community, with speculations swirling like leaves in the autumn wind. Could this lead to staking for S on the platform? Only time would tell!

Moreover, Sonic joined forces with Fjord Foundry, a decentralized fundraising launchpad, allowing developers to raise funds and launch tokens using S through fixed-price sales, Liquidity Bootstrapping Pools, and tiered sales. A partnership that promises to boost S’s utility and adoption, attracting new projects to the Sonic ecosystem like moths to a flame.

Sonic’s burgeoning presence in the DeFi industry has also played its part in this tale of triumph. According to the wise sages at DeFi Llama, Sonic has lured nearly 80 developers over the past two months. These dApps have amassed a staggering $724 million in total value locked, making Sonic the 9th-largest blockchain by this metric. Among the top DeFi protocols on Sonic are Silo Finance, Beets, Shadow Exchange, and Avalon Labs, each managing over $100 million in TVL. Quite the gathering of talent!

Furthermore, dApps built on the Sonic mainnet have seen a remarkable surge in daily revenues, averaging $176.4K over the past two days—far surpassing the meager $24.73K recorded on February 22. Talk about a glow-up!

Sonic price action

As the charts tell their tale, multiple technical indicators have waved their flags of bullishness. On the 4-hour S/USDT chart, the Aroon Up stood proudly at 85.71%, while the Aroon Down lingered at a mere 21.43%. This signals that buying pressure was far greater than the selling pressure at the time. A sight for sore eyes!

The Relative Strength Index, that trusty companion, has remained above 50 for the past two weeks, showing sustained bullish momentum in play. A good sign, indeed!

Additionally, both the +DI and ADX lines are above 20, hinting at more potential upside in the short term. Analysts, those ever-watchful hawks, have spotted a rare bullish pattern forming on the S 4-hour chart. According to the astute analyst jagoilio.sonic, S price has formed a Cup and Handle pattern—a popular continuation indicator in the realm of technical analysis.

He estimates a target price of $1.475, provided S completes the pattern, representing a 75% increase from the current level. This projected price echoes a similar target predicted by the wise folks at crypto.news earlier. The excitement is palpable!

Fellow analyst Tyler, not to be outdone, predicted an even more bullish target at $2, noting that the altcoin had been in an accumulation phase over the past month before it broke out last week. The

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2025-02-24 13:15