Sonic poised for deeper correction ahead despite a potential Coinbase listing

Sonic’s price should continue to slip in the coming weeks, because the lower lower technical indicators persist and the momentum through its ecosystem slows down.

Sonic (S) The price dropped by 15% to an intra -day hollow of $ 0.314 on June 13, down more than 68% compared to its highest point this year. This crash brought its market capitalization closer to the loss of $ 1 billion and the decrease of $ 3.15 billion in January.

Increasing geopolitical tensions triggered a flight from risk assets June 13. After Iran launched a military attack on Israel, with the construction of retaliation threats, the global cryptography market has lost more than 7%. Sonic was among those who struck the hardest.

While Coinbase confirmation From a list of tokens earlier in the day attracted a brief attention to the project, he did not change the trend. The data on the chain remain decisive, with basic measures pointing to a sustained weakness through the network.

Data De Santiment shows that the total value locked on the protocols DEFI on the Sonic channel increased from almost $ 2 billion in May to $ 1.54 billion. The flagship protocols, notably Silo Finance, Pendle, Aave and Beats, saw their TVLS drop from 35% to 50% in the last month.

This slowdown in activity means that Sonic does not make as much income as a few months ago. Daily chain revenues fell to only $ 5,977 from Friday, against more than $ 42,000 in May.

The Sonic Stablecoin offer also contracted nearly $ 200 million this year. Fewer stables in circulation means that liquidity through the network has weakened and user activity has therefore slowed down.

In addition, funding rates between exchanges have remained negative, indicating the lowering feeling among the merchants. Santiment data show, on May 13, the financing rate increased to 0.05%, its lowest in more than a week, which indicates that traders expect the price of Sonic to fall below the cash rate.

On the basis of these batulating chain measures, Sonic can continue to cope with short -term lower pressure, with limited signs of a strong recovery unless the activity of the ecosystem and the feeling of investors show a significant reversal.

Sound price analysis

On the USDT graph of a day, the Sonic price has been in free fall in recent weeks.

He recently dropped below $ 0.32, which was his last level of strong support, and much less than $ 0.38, a key area that corresponded to the lowest swing from April. The level of $ 0.38 also acted as the neckline of a high double model which formed around $ 0.618, a conventional lowering signal in technical analysis.

Sonic also moved to a drop in enlargement corner, which generally indicates continuous drop pressure as long as the price remains inside the model.

Adding to the downstream configuration, the 20 -day simple mobile average crossed below 50 days, forming a death cross, and it continues to expand, which suggests that sellers still control.

The MacD lines point downwards, and the Aro Up is seated 0% while Aroon is high, the two signs that the downward trend is always strong.

Based on this configuration, Sonic’s price could continue to slide, with the next level of major psychological support around $ 0.30.

However, if buyers manage to intervene and push the price above the upper corner limit, this could point out a bullish reversal and return the token above $ 0.399, which also corresponds to its 20-day mobile average.