Sonic (S) Surges 7% as Market Indicators Signal Further Gains

• Sonic (S) price surged by 7%, breaking above key EMAs with bullish indicators like MACD and RSI.
• Resistance at $0.56063 remains crucial; surpassing it may lead to further upside toward $0.60.

Sonic (S) price is gaining momentum and breaking above the 20, 50, and 100-day EMAs, indicating bullishness in the recent trading sessions. Sonic price is heading in the upward direction by making a higher high structure. In the last 24 hours, it increased by almost 7% showcasing bullishness

S price has faced resistance at the $0.56063 level if it is clear then investors may witness a fresh upside rally. The bulls have regained their strength and are aiming for the $0.60 level in the next sessions.

According to CMC data, at press time, Sonic crypto was trading at $0.53632 with an intraday gain of 7% breaking above the 50-day EMA, showing bullishness on the charts. Moreover, the intraday trading volume also showed an incline of 78.25%. The daily trading volume is $211.7 million and the market cap stands at $1.53 billion.

What’s Next In Sonic (S) Crypto?

Source: TradingviewCurrently, Sonic’s price is trading above the 50-day EMA (Exponential Moving Average), which is supporting the price momentum. Other indicators like MACD and RSI are also in the bullish zone and indicate bullish signs

Furthermore, the technical analysis shows that beyond $0.60, the zone is bullish, and a rally could be seen. But, if further rejection takes place, then the Sonic price will continue to trade in the congestion zone. Meanwhile, below $0.50953, bearishness could be extended.

If buying volume adds up, then the Sonic price might witness bullish acceleration by making higher highs. Hence, the S price is expected to move upward, showing bullish signs over the daily time frame chart.

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