The price of Sonic continued its strong rally this week as the participants of the market happy the ongoing development of decentralized finance ecosystems.
Sonic (S), which was earlier known as Phantom (FTM), increased to $ 0.99 on Friday, marking 200% increase from its lowest level since its transition.
The main driver behind this bounce is the increasing presence of Sonic in the DEFI industry. As Defee lamaSonic has attracted about 80 developers in the last two months.
These DApps have closed $ 676 million in total value, making Sonic the 13th largest blockchain by this metric. It exceeds $ 146 million in network stabelines, crosses Cardano (ADA) and Cronos (CRO).
Sonic has drawn DEFI developers from various fields. A lending protocol, Sallo Finance, has accumulated over $ 232 million in the property. Meanwhile, shadow exchanges, swapx, and Vagami are the largest decentralized exchanges (DEX) on the Network.
Additional data suggests that Sonic has surpassed several other blockchain, which has become the sixth-bigger in terms of dex volume. Its weekly dex volume has increased by 84% to $ 501 million, causing its 30 -day total $ 1.27 billion. This spike is largely inspired by the rise of meme coins within its ecosystem. Sonic has surpassed popular series such as avalanche, needle, pass and Tron.
As DuneThe number of sound users and transactions is increasing. The network made more than 2.9 million transactions in the last seven days, with the number of addresses to 46,300.
Sound price forecast
A four -hour chart shows that S may be high in the coming days. This approach is based on the formation of a cup and handle chart pattern, a popular continuity indicator. The pattern has $ 0.8463 and a horizontal resistance level on a round bottom.
In a cup and handle pattern, a profit is determined by measuring the depth of the target cup. In this case, the depth is about 57%. By applying the same measurement from the upper range of the cup, the target price is estimated to reach $ 1.30, which represents a 50% increase from the current level.
