The cryptocurrency Sonic (S) rallied over 11% amidst broader market gains, becoming one of the most-viewed coins on tracking sites. The price attempted to break a key resistance near $0.05 as on-chain data revealed a significant new staking commitment from Binance of 76 million S tokens, though overall network activity presented a mixed picture with declines in daily transactions and fees.
The cryptocurrency Sonic, previously known as Fantom, surged more than 11% as altcoins led a market-wide rally. During this period, it was among the most-visited coins on major market tracking platforms.
On the price charts, Sonic has been trading inside a range between approximately $0.0386 and $0.0517 for nearly six weeks. At the time of reporting, the asset was positioned above a smaller range and traded above a key trend indicator, signaling bullish control.
This was supported by capital inflow data, though the metric was declining from a peak, indicating some profit-taking. The price action showed signs of aiming to flip the $0.05 zone, which would alter its bearish structure, but faced potential rejection.
Network activity data provided mixed signals. The number of unique addresses on the Sonic network reached a new peak, adding over 8,000 new addresses in 24 hours.
However, this represented a 31% daily decline in address growth. Furthermore, daily transactions fell 47% to 140,236, while total and average transaction fees dropped 59%.
A notable bullish development was revealed in a post on X, which stated that Binance staked 76 million S tokens. This move indicates long-term confidence in the network’s security.
The rally occurred alongside increased unique addresses and major exchange staking. The lack of synchronization across other network activity metrics, however, could present a hurdle for the continuation of the price increase.
