Been keeping an eye on the $S (Sonic) chart, and that rebound after yesterday’s plunge to the $0.037 bottom looks pretty solid. From the Futures low, it has now bounced around +31% to the $0.0486 area (Binance data as of this morning, Oct. 11).
It’s not just price that’s picking up—Spot and Futures trading volumes have both been fairly strong, backing this push. On the derivatives side, Open Interest (OI) has also steadily climbed around 3.9% as price moved from $0.043 to $0.048. Top trader positioning is becoming increasingly skewed toward longs (~67.7%), while the funding rate remains relatively safe (+0.005%).
The short-term structure looks convincing, but price is now in a somewhat tricky area. We’re right at the door of the $0.0492–$0.0495 resistance zone.
Possible moves ahead:
Bullish continuation: It needs a strong breakout and to hold above $0.0495. If confirmed, the path toward the $0.050–$0.052 zone opens up.
Correction/Consolidation: If price keeps getting rejected at $0.0495 and then breaks below the $0.0460 support, it may first swing by to test liquidity at $0.0440–$0.0435.
Buyer aggression in the taker order book eased off a little as price approached $0.049. So instead of wondering “how much higher will this fly?”, it’s better to watch how price reacts when it touches $0.0495. Will it break out or get rejected? That’s the real test.
It’s not just price that’s picking up—Spot and Futures trading volumes have both been fairly strong, backing this push. On the derivatives side, Open Interest (OI) has also steadily climbed around 3.9% as price moved from $0.043 to $0.048. Top trader positioning is becoming increasingly skewed toward longs (~67.7%), while the funding rate remains relatively safe (+0.005%).
The short-term structure looks convincing, but price is now in a somewhat tricky area. We’re right at the door of the $0.0492–$0.0495 resistance zone.
Possible moves ahead:
Bullish continuation: It needs a strong breakout and to hold above $0.0495. If confirmed, the path toward the $0.050–$0.052 zone opens up.
Correction/Consolidation: If price keeps getting rejected at $0.0495 and then breaks below the $0.0460 support, it may first swing by to test liquidity at $0.0440–$0.0435.
Buyer aggression in the taker order book eased off a little as price approached $0.049. So instead of wondering “how much higher will this fly?”, it’s better to watch how price reacts when it touches $0.0495. Will it break out or get rejected? That’s the real test.
