Sonic could rally nearly 30% from its current price, driven by the launch of its virtual payments card and its expansion in DeFi through new partnerships.
According to analyst Robert Mercer, Sonic has reclaimed key support and is breaking out of a downtrend, setting up for what the analyst labeled as a “programmed” run toward $0.60–$0.70 and possibly even $1.
A chart shared by the analyst on X highlighted a bullish breakout from a descending trendline with strong momentum, which is typically a precursor for further upside.
Well-followed trader Crypto Nova echoed this bullish sentiment, noting that Sonic has retraced to key levels and is displaying healthy rebound signs.
According to data from crypto.news, Sonic (S) rose nearly 11% to an intraday high of $0.55 on March 20, extending its gains to over 18% from its weekly low of $0.45. Its market was seated at $1.71 billion, while its daily trading volume was up nearly double the previous day at $216 million.
A major catalyst behind this rally is the launch of Sonic Pay, a virtual payment card developed in collaboration with RedotPay. The card enables users to make payments using USDC.e via Apple Pay and Google Pay, removing the friction of crypto-to-fiat conversions and expanding Sonic’s real-world utility.
Adding to the bullish sentiment, Sonic is strengthening its presence in the DeFi space through key partnerships. Most notably, ChainGPT has integrated its AI NFT Generator, ChainGPT Pad, and DegenPad with Sonic’s high-speed blockchain infrastructure.
The integration optimizes NFT minting for creators and developers, enhances fundraising opportunities for Sonic-based projects, and accelerates ecosystem growth for both investors and the broader Sonic community.
Sonic has also shown strong growth in the DeFi sector. According to DefiLlama, its total value locked just hit an all-time high of $841.5 million, a noticeable jump from the $25.41 million recorded at the start of the year.
It was also one of the fastest-growing blockchains by TVL in February.
Meanwhile, the layer-1 blockchain is also being touted as one of the fastest chains in terms of block time, even beating major players like Solana, Arbitrum, and Base. See below.
S price analysis
With community sentiment leaning heavily on the positive side technical indicators also seem to be in favor of a potential upside run.
On the 4-hour/USDT price chart, Sonic continued to trade higher over the multi-week descending parallel channel pattern it broke above on March 14.
The Aroon Up indicator was at 85.71%, while the Aroon Down, at 7.14%, pointed to strong buying momentum. Meanwhile, the Relative Strength Index showed a reading of 60, which means Sonic still has room for gains before facing a selloff.
The altcoin’s funding rate remained positive, along with a jump in open interest at press time per data from CoinGlass. A positive funding rate with rising OI means an increasing number of derivatives traders have been placing bullish bets on S.
Such a trend is often associated with growing market confidence and bullish momentum, which could help extend the current rally.
As such, Sonic appears positioned for a run toward $0.7, a support level it has failed to hold on multiple occasions since the start of the year. At press time, S was exchanging hands at $0.53 per coin.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
