The cryptocurrency market has recently turned its attention to Sonic [S], a rising blockchain project showing promising signals of a breakout.
After forming a solid base over the past few weeks, Sonic appears to be shifting gears, potentially entering a new bullish phase. Most notably, transaction volumes have surged sharply, jumping from 240,000 to nearly 600,000 in just ten days. Combined with a strong technical chart setup, the stage may be set for a major price rally—possibly up to 130%—if momentum holds.
Sonic’s recent price movement has raised interest among traders and analysts, particularly after it broke out of a triple bottom pattern.
This technical setup, marked by three consecutive lows around the $0.30 level, often signals a trend reversal when followed by a breakout. Buyers consistently stepped in at that price, suggesting that demand has been building quietly for some time.
Currently, Sonic is trading around $0.34, having pushed past two significant resistance levels.
These include a descending trendline that had capped price action since February and the neckline of the triple bottom pattern. This breakout is considered a key development, especially since it was accompanied by a noticeable increase in trading volume. High volume during breakouts often confirms genuine market interest rather than short-term volatility.
Technical projections based on the breakout suggest that Sonic could rally as high as $0.65—an increase of around 130% from its recent low.
This target is derived from the measured move concept, which uses the height of the pattern to estimate potential price advances. However, for this projection to materialize, Sonic must maintain momentum above the $0.30 support level. A drop below that zone, particularly with a daily close under the neckline, could invalidate the bullish scenario and point to renewed consolidation or even downside pressure.
Importantly, the recent upswing isn’t just being driven by technical indicators.
On-chain metrics are also showing a strong recovery. Daily transactions on the Sonic network jumped significantly from mid-April, rising to over 593,000 by the end of the month. This increase in network activity suggests that user engagement is accelerating, which often serves as a precursor to stronger market performance. Historically, similar transaction spikes in February led to price volatility and gains shortly afterward.
Still, the continuation of this uptrend will depend on more than just transaction numbers.
Volume and liquidity will play a crucial role in supporting further price increases. If transaction activity remains high or continues to grow, it will bolster the current bullish narrative. However, a drop-off in activity could weaken momentum, making Sonic vulnerable to a retracement.
Another factor drawing investor interest is Sonic’s perceived valuation.
According to recent analytics, Sonic has a Mindshare-to-FDV (Fully Diluted Valuation) ratio of 0.91%. This figure indicates that despite a $1.6 billion FDV, Sonic is receiving a disproportionately high level of attention from investors. In contrast, more established projects like Cardano (ADA) show a lower 0.13% mindshare relative to their $31.2 billion FDV. This disparity suggests that Sonic may be undervalued and has room to grow as investor interest continues to climb.
Meanwhile, competitors like CELO, BERA, and KAIA consistently maintain mindshare ratios above 0.3%, further emphasizing Sonic’s potential to outperform if current trends persist.
The growing attention could help position Sonic as a notable contender among next-generation blockchain platforms, particularly if legacy projects begin to lose relative traction.
With technical and on-chain indicators aligning, and investor sentiment heating up, Sonic could be on the verge of a breakout.
A sustained move above its recent breakout level may lead to a powerful rally—one that validates the bullish 130% target now circulating among analysts. For now, traders will be watching closely to see if Sonic can maintain its momentum or if this surge in activity marks a temporary spike before consolidation returns.
