Sonic’s price continued its strong rally this week as market participants cheered the ongoing growth of the decentralized finance ecosystem.
Sonic (S), formerly known as Fantom (FTM), soared to $0.99 on Friday, marking a 200% increase from its lowest level since its transition.
The main driver behind this surge is Sonic’s growing presence in the DeFi industry. According to DeFi Llama, Sonic has attracted nearly 80 developers over the past two months.
These dApps have amassed $676 million in total value locked, making Sonic the 13th-largest blockchain by this metric. The network also holds over $146 million in stablecoins, surpassing Cardano (ADA) and Cronos (CRO).
Sonic has drawn DeFi developers from various sectors. Silo Finance, a lending protocol, has accumulated over $232 million in assets. Meanwhile, Shadow Exchange, SwapX, and WAGMI are the largest decentralized exchanges (DEXs) on the network.
Additional data shows that Sonic has overtaken several other blockchains, becoming the sixth-largest in terms of DEX volume. Its weekly DEX volume has surged by 84% to $501 million, bringing its 30-day total to $1.27 billion. This spike is largely driven by the rise of meme coins within its ecosystem. Sonic has outpaced popular chains such as Avalanche, Sui, Near, and Tron.
According to Dune, the number of Sonic users and transactions is soaring. The network processed over 2.9 million transactions in the past seven days, with the number of addresses rising to 46,300.
Sonic price forecast
The four-hour chart suggests that the S price may surge higher in the coming days. This outlook is based on the formation of a cup and handle chart pattern, a popular continuation indicator. The pattern features a horizontal resistance level at $0.8463 and a rounded bottom.
A profit target in a cup and handle pattern is determined by measuring the cup’s depth. In this case, the depth is approximately 57%. By applying the same measurement from the cup’s upper boundary, the target price is projected to reach $1.30, representing a 50% increase from the current level.
