Sonic (S), the rapidly growing digital asset, is witnessing a resurgence in investor interest, with significant accumulation from large investors driving its price movement. Over the past 48 hours, Sonic has seen an uptick in its price by over 2%, bringing its current value to $0.72. This comes after a notable 35% bullish rally over the past month, sparking optimism among traders and investors about the token’s near-term future.

Large Investors Leading the Charge

One of the most intriguing factors behind Sonic’s recent price action is the rise in large transactions. Investors who control more than 1% of the total supply of Sonic have been increasing their holdings, with an estimated $1.16 million worth of Sonic purchased in the last two days alone. This surge in volume indicates a bullish sentiment among large holders and suggests that the price movement is not just a short-term blip but a reflection of their longer-term confidence in the asset’s growth.

In the cryptocurrency world, large investors or “whales” can significantly influence price action. When these entities acquire large amounts of an asset, it can often lead to a price surge, especially when the market is already in a positive sentiment phase. Given the magnitude of these transactions, it’s likely that this accumulation is setting the stage for further price gains in the coming days and weeks.

The Resistance and Key Levels for Sonic

While the recent price surge is promising, Sonic is currently facing resistance at the $0.72 to $0.73 range. This level of resistance has formed as Sonic breaches a significant descending channel on its chart. Historically, such breaks above key resistance levels have served as catalysts for price rallies, and this could be the case again. However, the price action has stalled within this tight range, leading some traders to wonder whether the token will break through and continue its upward momentum.

The price movement has also been examined through the IOMAP (In/Out of the Money Around Price) data, which tracks potential buying and selling pressure at different price levels. The data reveals that between $0.71 and $0.73, approximately 3.61 million FTM (Fantom) tokens have been traded, showing significant buy interest around these levels. This suggests that the recent stagnation could be a result of price accumulation, setting the stage for a breakout if momentum continues to build.

Should Sonic break through the resistance, the next price target could be around $0.99, a significant 33.94% rally from its current price. This would bring Sonic near the $1 mark, a level it last reached in December 2024, further fueling optimism among investors and traders.

Spot Market Traders Drive Momentum

In addition to large investors, spot market traders have also contributed to the bullish momentum of Sonic. Between February 24th and 30th, these traders purchased $21 million worth of Sonic, signaling robust interest in the token. More importantly, the data shows that these assets are being moved into private wallets, rather than being resold immediately. This is a clear sign of long-term holding intentions, suggesting that traders are confident in Sonic’s future growth and are positioning themselves to benefit from a potential price surge.

As more and more investors accumulate Sonic in private wallets, the likelihood of significant price drops due to market shakeouts is reduced. This accumulation helps create a more stable price floor, minimizing the impact of short-term volatility. It also suggests that Sonic’s supporters are increasingly confident in the project’s long-term value proposition.

Conclusion

Sonic (S) has been gaining considerable attention in the market due to a combination of large investor accumulation and positive spot market activity. With the potential for a breakout above the current resistance level, Sonic could see its price surge toward $1. However, for this to happen, momentum needs to continue building, and the asset will have to break free from the $0.72 to $0.73 range.

Investors will be closely monitoring whether the recent accumulation is enough to fuel the next price leg upward, potentially taking Sonic back to the $1 level it reached in December 2024. While the path forward remains uncertain, the bullish technical indicators, coupled with the growing support from large investors, indicate that Sonic could have a bright future ahead.