Sonic (S) is up 18% in the past 24 hours at press time, following a revival in trading activity and interest in the brand. The daily sales volume has confirmed the number of users as it increased by 558% to almost $60 million.
On June 26, the altcoin’s price dropped 12%, which led in part to the resignation of Sonic Labs executives Michael Kong, Andre Cronje, and David Richardson. In response, new CEO Matt Visser has outlined new initiatives aimed at the long-term sustainability of the brand.
Sonic stops annual price drop, helps chain operations
According to a new announcement by Sonic Labs, the yearly token price drop has been stopped as the team wants to stop it forever. This means that the number of S tokens that need to be issued is suspended, which makes people interested in the project. As a result, business activities increased more than five times, as we mentioned earlier.
Therefore, the chain reaction jumped as seen in the two main models. For example, Sonic’s Unique Addresses increased significantly to 7.20 million after adding 487 addresses.
In addition, the number of Daily Transactions increase from 184K to 216K this time. This represents an increase of 32K, which was equivalent to 17%.
This data showed that startups are not just about price but also about online services. Obviously, the initial increase in online services was due to high sales.
Sonic approaches the KEY resistance zone
The stock prices showed the same strength. That is, Sonic it was rising from the middle of a low-price trend after a low-price trend. The strategy has been active since the middle of May, and every attack on the top trend has been met with resistance.
Sonic was approaching a slippery slope, and coming out on top could change the market. This looks good as the Bull Bear Power symbol indicates buyers with strong authority. However, the trendline can act as a rejection of some gains. Net Volume data confirms this, with approximately 9.36 million S tokens being sold at press time.
If this happens, it may mean that a small increase is not possible, especially in the long run. Otherwise, breaking the level followed by consistent price gains may indicate that the strategy may stabilize the price of the S token in the long run.
Brief Summary
- Sonic’s price is up 18% as the group announced a freeze on annual inflation.
- The value of S was approaching the upper resistance of the movement, while its behavior around this level will determine its next move.
