Sonic Surges 12.5% Amid DeFi Growth and Binance Speculation
Sonic’s price climbed 12.5%, defying the broader crypto market’s downturn. The token, formerly known as Fantom, reached $0.903 on February 24, a 140% increase since its rebrand. Its market cap is now over $2.7 billion, with daily trading volume at $337 million.
While the global crypto market fell 3.7%, major altcoins like Ethereum, XRP, Binance Coin, Solana, and Dogecoin lost 4-8%. Sonic’s rise is attributed too a community report suggesting Binance may become a validator for the sonic network. this unconfirmed news has sparked interest, with some speculating about potential staking for S on Binance.
Sonic also partnered with Fjord Foundry, a decentralized fundraising platform. This collaboration will allow developers to raise funds and launch tokens using S. The integration aims to boost S’s utility and attract new projects to the Sonic ecosystem.
Sonic’s growing presence in decentralized finance (DeFi) has also contributed to its positive momentum. According to DeFi Llama, Sonic has attracted nearly 80 developers over two months. These dApps have amassed $724 million in total value locked, making Sonic the 9th-largest blockchain by this metric.
Technical indicators show bullish signals. The Aroon Up was at 85.71%, and the Relative Strength index remained above 50. Analysts predict a $1.475 target price if a Cup and Handle pattern completes, representing a 75% increase from the current level.
