The crypto market is experiencing a downturn, with Bitcoin leading the charge, currently valued at approximately $95,631. Over the past 24 hours, it has shown volatility of around 6%, and its market capitalization stands at $1.89 trillion. Over the same period, its trading volume amounted to about $69.54 billion. This downturn has caused the overall crypto market valuation to drop to roughly $3.32 trillion.
Despite the current selling spree, the listing success of SONIC remains prominent, contrasting with its recent performance as a new Solana-backed gaming token.
Sonic SVM Listing Gains Break the Roof
Over the last day, Sonic SVM has experienced significant growth, now trading at $0.9883, representing a substantial increase of 64.73%.
The altcoin has surged by an astonishing 1,200% since its initial listing, climbing from its original price of $0.09135 to reach a peak of $1.25.
Sonic marks the debut of the initial gaming platform built on the Solana Virtual Machine (SVM). Unique benefits of this custom SVM include reduced rental fees, increased flexibility, and widespread dissemination via popular consumer apps like TikTok. The innovative tap-to-earn gameplay feature within Solana’s Sonic SVM has sparked much excitement in the cryptocurrency community.
Over the last day, SONIC has successfully converted its exchange listings into profits on platforms like KuCoin and Upbit, which is notably the largest exchange in South Korea.
Whales Continue the Buying Spree
In the midst of surging profits from Binance, KuCoin, and Upbit, large investors are now amassing this gaming token known as SONIC. A significant investor just spent approximately 1.17 million US Dollars to purchase over 977,000 SONIC tokens at an average price of around $1.20 per token. This move indicates a slight decrease in value compared to the current market rate.
A different investor successfully purchased SONIC for a lower cost, using approximately 4858 SOL tokens totaling around $1.04 million. Given an average purchase price of $0.88, this investor now holds over 1.18 million SONIC tokens, which currently hold value.
Aligning themselves amongst the general market downturn, whales show increasing faith in SONIC. With more and more whales amassing assets, this trend underscores a firm conviction in the potential of this tapping-for-earnings cryptocurrency gaming venture.
SONIC SVM Price Analysis Targets $2 Breakout
Following the substantial increase during its listing, the trajectory of the Sonic SVM price appears to be moving sideways above the significant $1 milestone. At present, the Sonic SVM token is being exchanged at $1.02, resulting in a bullish formation on the 1-hour chart.
The price surge by 2.35% indicates a possible formation of a Morning Star pattern, suggesting a potential reversal in trend. If this holds true, the upward momentum for Sonic’s stock could attempt to surpass the resistance at $1.25 once more.
Based on the Fibonacci sequence trends, the projected upper price range for SVM token is approximately $1.57 and $2.17. Given its impressive growth prospects, this gaming token on the Solana platform is among the select few that continue to thrive despite a broader downward trend.
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2025-01-08 13:01