Here’s why Sonic rallied over 10% today

Sonic’s price rallied to 12.5%, deviating from the broader trend of the market, because market players have remained optimistic by its growing importance in decentralized finance.

Sonic (S), formerly known as Fantom, climbed $ 0.903 on Monday, February 24, marking a 140% leap in its lowest level since its transition. Its market capitalization was seated at more than $ 2.7 billion while its daily negotiation volume increased slightly, oscillating more than $ 337 million at the time of the press.

This increase in the price of S came when the global cryptography market dropped by 3.7% during the last day, with major altcoins like Ethereum (Ethn), XRP (Xrp), Binance Coin (Bnb), Solana (GROUND), and Dogecoin (DOGE) Recording of losses from 4 to 8%.

The main driver behind Sonic gains Today seems to be a recent community report suggesting that the crypto exchange binance has become a validator for the sound network. Although this has not been confirmed directly by Binance or the Sonic team, the news has probably fueled the interest of the community, some specifying if this could lead to the launch of S on the platform .

In addition, Sonic in partnership With Fjord Foundry, a decentralized fund collection launch that would allow developers to collect funds and launch tokens using S via fixed prices, liquidity fluidity pools and several levels.

Integration will probably stimulate the usefulness and adoption of S, attracting new projects in the sound ecosystem while increasing the demand for token.

The growing presence of Sonic in the DEFI industry has also contributed to positive impetus.

According to For Defi Llama, Sonic has attracted nearly 80 developers in the past two months. These DAPPs have raised $ 724 million of total locked value, making Sonic the 9th blockchain by this metric. Some of the main protocols DEFI on Sonic include Silo Finance, Beets, Shadow Exchange and Avalon Labs, each managing more than $ 100 million on TVL.

In addition, the DAPPs built on the Sonic Mainnet experienced a significant increase in daily income, with an average of $ 176.4,000 in the last two days – higher than the $ 24.73,000 recorded on February 22.

Sound price action

Several technical indicators have reported bullish signals. On the 4 -hour S / USDT graph, the UP AROON was 85.71% and Aroon dropped to 21.43% of the signals that the purchase pressure was much higher than the press pressure at the time of the press .

The relative force index, which has remained greater than 50 in the past two weeks, has also shown a bullish boom in play.

In addition, the + DI and ADX lines are greater than 20, indicating more short -term potential.

Analysts also have spotted A rare bullish motif forming on the 4 -hour graphic. According to analyst Jagoilio.Sonic s the price has formed a cutting and manipulation model on the graph, an indicator of popular continuation in technical analysis.

As such, he estimates that a target price of $ 1.475 provided by S finishes the model, which represents an increase of 75% compared to the current level. The expected price echoes a similar target foreseen by Crypto.News analysts earlier.

Tyler analyst colleague foreseen An even more optimistic target at $ 2, noting that Altcoin had been in an accumulation phase during the last month before its breakup last week.

At the time of the press, S has always kept 7.3% of gains in the last day, exchanging hands at $ 0.873 per room.