How Sonic crypto can turn $0.040 into support after its 19% rally

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Analytics

Sonic [S] experienced a price surge of 19.15% over 24 hours at press time, as its trading activity expanded rapidly, confirming participation behind its push towards $0.040.

In particular, the token’s trading volume jumped 259.39%, reflecting substantially greater activity during the upside move.

Notably, the volume growth considerably exceeded the percentage price increase. The rally therefore attracted more participation instead of pushing through thin trading conditions.

The distinction reinforced the price move since expanding activity supported Sonic’s renewed demand. Such a rapid price increase also advanced Sonic closer to a significant psychological resistance around the $0.04 price level.

Top traders crowd into Sonic longs

The derivatives positioning also added another supportive element, although the growing imbalance also exposed leverage-related risk.

According to CoinGlass analytics, the Binance top trader accounts registered 72.04% long positioning, as the shorts accounted for only 27.96% as of writing. The account Long/Short Ratio accordingly climbed to 2.58, approaching its highest reading across the most recent period.

Importantly, the positioning ratio had fluctuated earlier, including a sharp decline around mid-September. Its subsequent recovery therefore suggested a meaningful tilt back toward the long exposure.

The positioning correlated with Sonic’s price surge, hence reinforcing the bullish demand outlook. However, this heavily long market could become vulnerable if the price reverses suddenly.

For now, however, the bulls maintained the stronger positioning advantage, and continued price strength would justify that exposure.

Decoding Sonic crypto’s $0.040 test

Sonic’s structure changed decisively after the token broke above the $0.03233 level, which capped its previous recovery attempts.

On the daily chart, the breakout sharply carried S towards the $0.04 resistance, with the latest candle reaching nearly $0.04030 before easing. The $0.04 price level therefore emerged as the immediate resistance zone, limiting the current price breakout from pushing higher.

Moreover, the price structure already favored buyers after reclaiming the $0.03233 resistance zone. Meanwhile, the MACD indicator reinforced the setup as its bullish crossover gave way to expanding green histogram bars at the time of writing.

Furthermore, the Parabolic SAR at $0.02639 stood comfortably below the prevailing market price, preserving its bullish directional signal. In case buyers establish support around the 0.04 level, Sonic could likely target $0.05.

A rejection around the key zone, however, could return attention towards the $0.03233 support. Therefore, holding the price breakout level will maintain the broader recovery structure despite a possible short-term price pullback.

Overhead liquidity could extend the advance

Sonic’s liquidation heatmap introduced another potential catalyst for a continuation during its intraday impulse move.

The Binance Liquidation Heatmap captured the price near $0.025 before the larger daily breakout developed. Within the heatmap, liquidation clusters appeared above the prevailing price around the $0.0250–$0.0260 zone.

These overhead pools gave buyers nearby liquidity targets as Sonic continued pushing higher. Also, price movement into these areas could force short liquidations and trigger buying pressure.

Furthermore, notable liquidity remained below the prevailing market price around the $0.0220–$0.0230 area, introducing downside targets in case the intraday surge meets a rejection.

The daily technical chart, however, highlighted Sonic trading considerably above those liquidation clusters. Hence, the heatmap primarily highlighted how the overhead liquidity supported the earlier phase of the price surge.