Sonic (S) could be on track for a significant price surge, potentially reaching $0.70, as it gains momentum through key technical breakouts, strategic partnerships, and growing adoption in decentralized finance (DeFi).
Technical Indicators Point to Upside Potential
According to analyst Robert Mercer, Sonic has reclaimed crucial support and broken out of a prolonged downtrend, setting the stage for what he describes as a “programmed” run toward $0.60–$0.70, with a possible extension to $1.
A chart shared by Mercer on X highlighted a bullish breakout from a descending trendline, a signal often associated with further upside. Trader Crypto Nova reinforced this outlook, noting that Sonic had retraced to key levels and was displaying healthy rebound signs.
Recent Price Action and Market Metrics
Sonic surged nearly 11% to an intraday high of $0.55 on March 20, extending its weekly gains to over 18% from its low of $0.45. The token’s market capitalization stands at $1.71 billion, while its daily trading volume nearly doubled to $216 million, according to data from crypto.news.
Catalysts Driving Sonic’s Rally
Launch of Sonic Pay Virtual Payment Card
A major factor fueling Sonic’s rally is the launch of Sonic Pay, a virtual payments card developed in collaboration with RedotPay. The card enables users to make purchases using USDC.e through Apple Pay and Google Pay, reducing friction in crypto-to-fiat transactions and increasing Sonic’s real-world utility.
Expansion in DeFi and Strategic Partnerships
Sonic is strengthening its position in the DeFi space through key integrations. Most notably, ChainGPT has incorporated its AI NFT Generator, ChainGPT Pad, and DegenPad into Sonic’s high-speed blockchain infrastructure. This collaboration streamlines NFT minting, enhances fundraising opportunities, and accelerates ecosystem growth.
Sonic’s DeFi presence is also reflected in its Total Value Locked (TVL), which recently hit an all-time high of $841.5 million, a dramatic increase from $25.41 million at the beginning of the year, per DefiLlama. The network was also among the fastest-growing blockchains by TVL in February.
Speed and Market Sentiment Support Growth
Sonic’s high-speed blockchain is gaining recognition as one of the fastest layer-1 chains, outperforming major players like Solana, Arbitrum, and Base in block time.
On the technical front, indicators suggest strong buying momentum:
- Aroon Up Indicator: 85.71%, signaling bullish strength.
- Aroon Down Indicator: 7.14%, indicating weak selling pressure.
- Relative Strength Index (RSI): 60, suggesting further upside potential before overbought conditions emerge.
Additionally, CoinGlass data shows Sonic’s funding rate remains positive, with a rise in open interest (OI), indicating growing bullish sentiment in the derivatives market.
Will Sonic Hit $0.70?
With strong fundamentals, increasing adoption, and positive technical indicators, Sonic appears well-positioned to test $0.70, a level it has struggled to maintain in previous months. At press time, Sonic was trading at $0.53 per coin, and the ongoing rally could provide the momentum needed to reclaim this key resistance level.
