SONIC SVM Price Surges 55% with Massive Listing and Whale Support as Bulls Target $1.40

Highlights:

• Sonic SVM soars 55%, hits $0.9063 amid $2.4b trading volume surge
• Whales drive SONIC momentum, eye $2.17 target
• Tap-to-Earn feature propels SONIC to the top gaming token spotlight

The Sonic SVM price has soared 55% in the last 24 hours to trade at $0.9063 as of 5 a.m. EST on a 905% pump in trading volume to $2.4 billion. This price increase is simultaneous with SONIC’s listing on major exchanges such as KuCoin, Upbit, and Binance.

As the first gaming Solana Virtual Machine token, SONIC offers new benefits, including lower costs, greater configurability, and easy integrations with consumer-facing apps like TikTok. Its new “tap-to-earn” gaming function has also generated quite a buzz in the crypto world and placed SONIC among the most exciting gaming and blockchain projects.

It’s LAUNCH time! ⚡️🚀$SONIC is now officially tradable on these exchanges:

Contract Address: SonicxvLud67EceaEzCLRnMTBqzYUUYNr93DBkBdDES

🔹 Jupiter: https://t.co/FmdLqQ0xrE

🔹 OKX: https://t.co/WAx9l9zXol

🔹 Bybit: https://t.co/oGnw5zy8N8

🔹 KuCoin:… pic.twitter.com/aMkK711e86

— Sonic SVM (@SonicSVM) January 7, 2025

The whale investors have also been quite crucial in SONIC’s momentum, with some making sizeable acquisitions on the platform. One recently bought 977,323 tokens for $1.17 million at an average price of $1.20, while another whale investor utilized 4,858 SOL worth $1.04 million to acquire 1.18 million tokens at an average price of $0.88, securing serious gains.

The whales have continuously accumulated despite the broader market challenges, reflecting their growing confidence in SONIC’s potential. Having gathered great momentum and some special features, SONIC is now set on breaking the $2.17 mark.

Sonic SVM Price Analysis: Bulls Gear for a Bullish Rally Ahead

The SONIC/USDT 15-minute chart illustrates the token in a consolidation phase inside a well-defined range of $0.90 for support and $1.10 for resistance. This consolidation zone reflects a phase of market indecision where buyers and sellers are testing each other’s strength.

The price is testing the lower boundary near $0.90 and shows signs of a possible reversal, hinting at fresh buying interest. If this happens, the price may then target the $1.40 level, an important upside target.

The 50-period moving average, standing at $0.47, is well below the current price and indicates that the uptrend momentum from previous gains has been very strong. The 200-period moving average, at $1.04, is much closer to the current price and is seen as critical short-term resistance. A sustained move above the 200 MA would likely confirm a shift to bullish momentum, signaling further upward potential for the token.

Bulls Could Push the Price Higher Despite the Short Down Turn

The trend for the Relative Strength Index (RSI) has been weakening for some time and has moved toward oversold levels at 40. This would mean that the selling pace has started to dissipate and is, hence, poised for an upturn. Many previous instances of it reaching an oversold situation coincided with recoveries, hence crucial periods that traders should keep an eye on.

For a bullish sentiment confirmation, it would need to convincingly hold above the $0.90 support and break upwards through the $1.10 resistance. A breakout could then clear the way to the upside for a rally toward the target of $1.40, a meaningful continuation of the uptrend.

Failure to hold the support level at $0.90 could trigger further declines towards lower levels around $0.80 or even below. This would have been an indication that bearish momentum still persists, which may lead to further sell-offs.