🚨 Sonic (S) is going wild! Up 41.4% in 24H, with the price nearing $0.064!
But here's what's interesting: it’s down 3.3% over 5M and 2.5% over 1H, while OI has fallen 4.8%; retail traders are bullish by 10.7×, but sentiment is already starting to cool. The data is sending mixed signals—don't focus only on the gains.
📊 What does this mean? When everyone is calling for a breakout above $0.065–0.068, the biggest risk isn't getting the direction wrong—it's chasing the price at the top and becoming the last one in. RSI is clearly overbought, so the risk of a pullback shouldn't be ignored.
🎯 Key levels:
Resistance: $0.065 / $0.068
Support: $0.0635 / $0.058 / $0.049
Only a high-volume hold above the resistance zone would confirm the trend is continuing; a break below $0.058 would weaken the bullish outlook.
My take: The trend still leans bullish, but don't blindly chase the price! If it can't break above $0.068, watch out for a long squeeze; only a pullback that holds above $0.058 would make it worth buying back in.
Do you think S is heading for $0.068 next, or pulling back to $0.058? 👇
#S #Sonic #TradingMusings
But here's what's interesting: it’s down 3.3% over 5M and 2.5% over 1H, while OI has fallen 4.8%; retail traders are bullish by 10.7×, but sentiment is already starting to cool. The data is sending mixed signals—don't focus only on the gains.
📊 What does this mean? When everyone is calling for a breakout above $0.065–0.068, the biggest risk isn't getting the direction wrong—it's chasing the price at the top and becoming the last one in. RSI is clearly overbought, so the risk of a pullback shouldn't be ignored.
🎯 Key levels:
Resistance: $0.065 / $0.068
Support: $0.0635 / $0.058 / $0.049
Only a high-volume hold above the resistance zone would confirm the trend is continuing; a break below $0.058 would weaken the bullish outlook.
My take: The trend still leans bullish, but don't blindly chase the price! If it can't break above $0.068, watch out for a long squeeze; only a pullback that holds above $0.058 would make it worth buying back in.
Do you think S is heading for $0.068 next, or pulling back to $0.058? 👇
#S #Sonic #TradingMusings