- Sonic (S) price surged 12%, trading at $0.5150; bullish indicators hint at a potential rally ahead.
- RSI and MACD show bullish momentum; a break above $0.608 could push Sonic toward $0.786 or higher.
Sonic (S) price, trying to make a comeback, surged 12% in the intraday session and broke above the 50-day EMA mark. Buyers are looking active at the lower levels. Both 20-day and 50-day EMA curve is headed upside hinting bullishness.
At the end of February, Sonic’s price hit a high of $1 but halted as buyers failed to maintain the buying momentum. As a result, bears took the advantage and pulled the price down below key EMAs.
According to SonicScan, over the last week, the transactions on Sonic have increased. On Saturday, March 8, the transaction count stood at 391,874, and currently, it has increased to 645,430. Moreover, the community is also extremely bullish on S, with 86% of community sentiments being on the bullish side.
According to CoinMarketCap data, at the time of writing, Sonic crypto price is hovering at $0.5150 with a 24-hour surge of 12% suggesting bullishness. The daily trading volume has spiked by 85%, suggesting buying momentum, and the volume-to-market ratio is 17.29%, suggesting good liquidity. Moreover, S market cap stands at $1.47 billion, and the 24-hour trading volume is $255.65 million.
Can Sonic (S) Rise to $1 in March?
Currently, Sonic’s price is trading above the 50-day EMA level. If the price sustains, investors may witness a fresh rally in the upcoming days. A break above the $0.608 level would expose Sonic to further upside, potentially surging to $0.786 and indicating a shift into a bullish phase.
The RSI is trading in the bullish zone. Currently, at 58.01 above the 14-SMA curve, suggesting bullishness. MACD is also showing a positive sign heading in the upper direction with a green histogram. However, to reach the $1 mark, the Sonic price will need an influx of buyer support.
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