Sonic [S] is capturing renewed attention in the crypto market, as several bullish signals emerge from both on-chain and trading activity. After weeks of hovering near the key support level of $0.316, the token appears to be in a solid consolidation phase. As the broader market remains in flux, Sonic’s recent price behavior suggests that a major trend reversal could be in the making—particularly if buying momentum continues to build.

Over the past week, decentralized exchange (DEX) volume for Sonic rose by 16.97%, climbing to over $539 million. This rise highlights increasing trader engagement with the token, even though DEX dominance relative to centralized exchanges (CEX) remains low at just 0.32%. While this metric indicates that the majority of trading still occurs on centralized platforms, the growing DEX participation reflects a subtle but important shift in investor behavior. As users look for more control amid uncertain market conditions, DEX volume could continue to gain traction, providing organic support for Sonic’s price over time.

From a technical standpoint, Sonic has maintained its position above the $0.316 level since late April—a clear signal of strength and resilience despite ongoing market corrections elsewhere. Price action has been forming a potential double bottom pattern, which is typically seen as a bullish setup. If the token manages to break above its current downtrend resistance, it could trigger a new wave of capital inflows and push prices toward the next major resistance at $0.409.

On-chain activity further strengthens the case for a possible breakout. In the spot market, June 17th saw $4.13 million in inflows compared to $3.55 million in outflows. While this left netflows relatively neutral, a deeper look reveals that accumulation is occurring during dips, while small rallies lead to modest outflows. This trend suggests cautious yet confident accumulation among retail investors, especially near the well-established $0.316 support zone. The lack of heavy selling at this level indicates that holders are positioning for potential upside rather than preparing to exit.

The most significant development, however, comes from whale activity. Over the last seven days, whale netflows into Sonic surged by an astounding 1,170%, signaling aggressive accumulation by large holders. This kind of activity is often a precursor to sharp price moves, particularly when it aligns with favorable technical conditions. Historically, whale accumulation during periods of market hesitation has frequently led to breakout rallies once sentiment shifts.

Adding to the bullish narrative is the current state of Sonic holders. According to IntoTheBlock data, 96.61% of all wallet addresses holding Sonic are currently “out of the money,” meaning they’re sitting on unrealized losses. Only 3.27% of holders are in a profitable position. While this may seem like a bearish indicator on the surface, it also means that sell pressure is minimal—there’s simply not much profit-taking likely to occur at current levels. This suppressed sentiment creates the perfect environment for a sharp, unexpected rally if resistance levels are breached.

The protocol’s fundamentals continue to hold strong. Sonic’s total value locked (TVL) remains above the $2 billion mark, showing the network’s continued relevance and utility within the decentralized finance (DeFi) space. This stable foundation, paired with technical support and fresh whale interest, puts the token in a promising position for a rebound.

In summary, Sonic appears to be at a critical turning point. With rising DEX volume, strong technical support, minimal profit-taking pressure, and aggressive whale accumulation, the stage is set for a potential bullish reversal. While nothing is guaranteed in the volatile crypto markets, the current alignment of fundamental strength and technical setup gives Sonic a favorable outlook in the near to mid-term. If momentum builds and resistance is broken, a move toward $0.409 could materialize sooner than expected.