{"id":2810,"date":"2025-06-13T09:50:06","date_gmt":"2025-06-13T09:50:06","guid":{"rendered":"https:\/\/bitunikey.com\/news\/sonic-poised-for-deeper-correction-ahead-despite-a-potential-coinbase-listing\/"},"modified":"2025-06-13T09:50:07","modified_gmt":"2025-06-13T09:50:07","slug":"sonic-poised-for-deeper-correction-ahead-despite-a-potential-coinbase-listing","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/sonic-poised-for-deeper-correction-ahead-despite-a-potential-coinbase-listing\/","title":{"rendered":"Sonic poised for deeper correction ahead despite a potential Coinbase listing"},"content":{"rendered":"
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Sonic\u2019s price is likely to continue sliding in the coming weeks, as bearish technical indicators persist and momentum across its ecosystem slows down.<\/p>\n

Sonic (S) price fell 15% to an intraday low of $0.314 on June 13, down by over 68% from its highest point this year. This crash has brought its market capitalization close to losing the $1 billion mark, and down from $3.15 billion in January.<\/p>\n

Rising geopolitical tensions triggered a flight from risk assets on June 13. After Iran launched a military attack on Israel, with retaliatory threats building, the global crypto market lost over 7% in value. Sonic was among those hit the hardest.<\/p>\n

While Coinbase\u2019s confirmation<\/a> of an S token listing earlier today brought brief attention to the project, it hasn\u2019t altered the trend. On-chain data remains decisively bearish, with core metrics pointing to sustained weakness across the network.<\/p>\n

Data<\/a> from Santiment shows that the total value locked across DeFi protocols on Sonic chain has plunged from nearly $2 billion in May to $1.54 billion. Flagship protocols including Silo Finance, Pendle, AAVE, and Beets have seen their TVLs drop by 35% to 50% over the past month.<\/p>\n

This slowdown in activity means Sonic isn\u2019t making as much revenue as it was a few months ago. Daily on-chain revenue has slipped to just $5,977 as of Friday, compared to a peak of over $42,000 in May.<\/p>\n

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Stablecoin supply on Sonic has also contracted by nearly $200 million this year. Fewer stablecoins in circulation means liquidity across the network has weakened, and user activity has consequently slowed.<\/p>\n

Furthermore, funding rates across exchanges have remained negative, indicating bearish sentiment among traders. Santiment data shows, on May 13, the funding rate dipped to 0.05%, its lowest in over a week, indicating that traders expect Sonic\u2019s price to fall below the spot rate.<\/p>\n

Based on these bearish on-chain metrics, Sonic may continue to face downward pressure in the near term, with limited signs of a strong recovery unless ecosystem activity and investor sentiment show a meaningful turnaround.<\/p>\n

Sonic price analysis<\/h2>\n

On the 1-day USDT chart, Sonic\u2019s price has been in free fall over the past few weeks.<\/p>\n

It recently dropped below $0.32, which was its last strong support level, and well under $0.38, a key zone that matched April\u2019s lowest swing. The $0.38 level also acted as the neckline of a double-top pattern that formed around $0.618, a classic bearish signal in technical analysis.<\/p>\n

<\/source><\/p>\n<\/picture>
S price, 20-day and 50-day SMA chart \u2014 June 13 | Source: crypto.news<\/figcaption><\/figure>\n

Sonic has also been moving within a falling broadening wedge, which usually indicates continued downward pressure as long as the price stays inside the pattern.<\/p>\n

Adding to the bearish setup, the 20-day simple moving average has crossed below the 50-day, forming a death cross, and it\u2019s continuing to widen, suggesting sellers are still in control.<\/p>\n

The MACD lines are pointing downward, and the Aroon Up is sitting at 0% while Aroon Down is elevated, both signs that the downtrend is still strong.<\/p>\n

<\/source>
\n\"Sonic\n<\/picture>
S MACD and Aroon chart \u2014 June 13 | Source: crypto.news<\/figcaption><\/figure>\n

Based on this setup, Sonic\u2019s price could keep sliding, with the next major psychological support level around $0.30.<\/p>\n

However, if buyers manage to step in and push the price above the upper boundary of the wedge, it could signal a bullish reversal and send the token back above $0.399, which also lines up with its 20-day moving average.<\/p>\n

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\n Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. <\/p>\n<\/p><\/div>\n

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Sonic\u2019s price is likely to continue sliding in the coming weeks, as bearish technical indicators persist and momentum across its ecosystem slows down. Sonic (S) price fell 15% to an…<\/p>\n","protected":false},"author":1,"featured_media":476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=2810"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2810\/revisions"}],"predecessor-version":[{"id":2811,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2810\/revisions\/2811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/476"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=2810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=2810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=2810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}