Sonic Surges Amid Crypto Market Slump
Despite the crypto market’s slow growth, Sonic has shown remarkable gains this week. the DeFi expansion and positive technical indicators have fueled this rally. On april 4, Sonic (S) reached a daily high of $0.514, a 11% increase in just 24 hours.
The surge seems linked to Sonic’s decentralized finance ecosystem’s progress. this system has seen steady growth in usage and capital inflows. The total value locked (TVL) across Sonic’s DeFi ecosystem is nearing $2 billion. On April 4, this figure hit an all-time high of $1.8 billion.
Since its launch, Sonic’s TVL has consistently risen. It broke the $1 billion mark on April 2. This growth is remarkable, especially given the bearish market conditions. The ongoing global trade war has affected most crypto and stock assets, but Sonic’s DeFi sector remains strong.
As rebranding from Fantom on December 18,Sonic’s DeFi TVL has surged from $520,540 to $987 million,a 189,510% increase. In contrast, Solana’s DeFi TVL has fallen from $11.7 billion to $6.4 billion.This suggests Sonic may be undervalued.
On March 24, DeFi analyst DeFi Plug noted that Solana’s market cap was 12 times its DeFi TVL. Sonic’s ratio is 2, indicating potential for further growth. Sonic’s resilience in a tough market highlights its strength and potential.
