Sonic price forms rare pattern: is a 50% surge coming?

Sonic price forms rare pattern: is a 50% surge coming?

Sonic (S) Skyrockets 200% as DeFi Adoption Accelerates

Sonic (S), formerly known as Fantom (FTM), has continued its remarkable price surge, rallying to $0.99 on Friday—an impressive 200% increase from its lowest level since its transition. This bullish momentum is largely fueled by growing adoption in the decentralized finance (DeFi) sector, with an influx of developers and increasing total value locked (TVL) on the network.

DeFi Boom Drives Sonic’s Growth

According to DeFi Llama, Sonic has attracted nearly 80 developers over the past two months, leading to a surge in decentralized applications (dApps) on its network. These projects have accumulated approximately $676 million in TVL, positioning Sonic as the 13th-largest blockchain by this metric. Additionally, Sonic now holds over $146 million in stablecoins, surpassing well-known networks such as Cardano (ADA) and Cronos (CRO).

Surging DeFi and DEX Activity

Sonic’s ecosystem is expanding rapidly, drawing DeFi protocols from various sectors. Silo Finance, a lending platform, has amassed over $232 million in assets, while decentralized exchanges (DEXs) like Shadow Exchange, SwapX, and WAGMI are seeing significant growth.

The network has also become a major player in DEX trading volume. Sonic now ranks as the sixth-largest blockchain in terms of DEX activity, with weekly trading volume soaring by 84% to $501 million. Over the past 30 days, Sonic’s DEX volume has reached $1.27 billion, surpassing prominent chains such as Avalanche, Sui, Near, and Tron.

Network Expansion and Transaction Growth

On-chain data from Dune Analytics reveals that Sonic is experiencing a surge in network activity. Over the past week, the blockchain processed more than 2.9 million transactions, with the total number of active addresses climbing to 46,300.

Sonic Price Outlook: A 50% Rally Ahead?

Technical analysis suggests that Sonic’s price could continue its upward trajectory. The four-hour chart indicates the formation of a cup and handle pattern—a bullish continuation signal. The resistance level for this pattern is positioned at $0.8463, with the rounded bottom structure confirming strong buying momentum.

By applying the cup’s depth measurement, analysts predict a potential 50% rally, with a price target of $1.30. If buying pressure remains strong, Sonic could further solidify its position as a dominant DeFi network in the crypto space.

As Sonic’s ecosystem expands and investor interest grows, all eyes remain on whether the network can sustain its rapid ascent in the coming weeks.