- Sonic broke out from an inverse head-and-shoulders pattern, with a 35% rise potential.
- On-chain signals showed mixed results, but sentiment improved, supporting a bullish outlook.
Sonic [S] is experiencing a notable rally, trading at $0.5957, at press time, with a 9.58% increase over the last 24 hours.
The cryptocurrency recently broke out of an inverse head-and-shoulders pattern, signaling the potential for further gains. This technical formation has historically signaled strong bullish momentum, and Sonic’s price could rise by 35%, reaching $0.80.
However, with key resistance levels ahead, the real question is whether Sonic can maintain this upward momentum or face potential resistance.
Sonic price action analysis: Can the rally continue?
Sonic’s price shows an upward trend after breaking out from the inverse head-and-shoulders pattern. The price recently crossed the $0.55 and $0.60 levels, indicating that Sonic is gaining strength.
Moving forward, the cryptocurrency faces immediate resistance around the $0.63 and $0.82 levels. If Sonic breaks through the $0.82 mark, it could spark a rally towards $0.80. However, if it fails to maintain this momentum, a pullback could occur.
Therefore, traders must…
