Sonic Token Faces 48-Day Range Confinement
Sonic has been stuck in a tight price range for 48 days, showing no signs of breaking out.The token’s price action is confined within a well-defined boundary, with traders remaining cautious due to low volume and strong resistance.
Key resistance levels include the VWAP SR, 0.618 Fibonacci level, and value area high. These levels are preventing any significant price movement. Without a substantial increase in volume, Sonic is unlikely to escape this range.
Currently, Sonic is hovering around the midpoint of its range. If this midpoint is lost, it could trigger a sharp downward move, targeting lower support levels.Conversely, a strong reclaim of the VWAP SR resistance could spark a bullish move toward the range highs.
- Price action is stuck within a well-defined range.
- Key resistance levels are preventing breakout attempts.
- Volume remains low, suggesting prolonged consolidation.
The bearish scenario involves a break below the midpoint, leading to a cascade toward lower liquidity pools. Conversely, a bullish scenario would require a strong reclaim of the VWAP SR resistance, confirmed by multiple closing candles.
Until a decisive breakout occurs, expect more rotational price action within the established boundaries. Sonic is highly likely to remain trapped within its 48-day range unless major volume enters the market.
For more detailed analysis, check the SUSDT (1D) Chart on TradingView.
