Sonic SVM price rally continues above the $1 mark. Is this the best time to buy this Solana-based gaming token?
With the crypto market losing 7.5% over the past 24 hours, the crypto market valuation has dropped to $3.32 trillion. Bitcoin BTC $95 781 24h volatility: 5.8% Market cap: $1.90 T Vol. 24h: $60.03 B continues to drive the market down, trading at $95,000.
However, the recent selling pressure has failed to overshadow the listing gains of SONIC SONIC $0.95 24h volatility: 7.8% Market cap: $340.40 M Vol. 24h: $2.40 B , the newly listed Solana-based gaming token.
SONIC SVM has witnessed massive gains over the past 24 hours, currently trading at $0.9883, registering a 64.73% gain.
With a high of $1.25, the altcoin has achieved listing gains of almost 1,200%, skyrocketing from its listing price of $0.09135 to $1.25.
SONIC is the first gaming SVM (Solana Virtual Machine) to launch on Solana. Its custom SVM offers unique features like cheaper rent costs, greater configurability, and enhanced distribution through consumer apps such as TikTok. With its tap-to-earn gaming feature, Solana’s SONIC SVM has created significant buzz in the crypto space.
Over the past 24 hours, SONIC has managed to capitalize on its listing gains on major exchanges such as KuCoin and Upbit, the largest South Korean exchange.
Amid the listing gains from Binance, KuCoin, and Upbit, whales have started accumulating this gaming token. Recently, a whale spent 1.17 million USDT to acquire 977,323 SONIC tokens at an average buying price of $1.20. This reflects a minor pullback compared to the current market price.
Another whale managed to acquire SONIC at a lower price, spending 4858 SOL tokens worth $1.04 million. With an average buying price of $0.88, this whale accumulated 1.18 million SONIC tokens, which are currently in the money.
Whales lining up amid the broader market crash highlight growing confidence in SONIC. As multiple whales continue to accumulate, this reflects a strong belief in this tap-to-earn gaming crypto project.
As the bullish trend cools off after the massive listing gains, the Sonic SVM price trend reveals a lateral shift above the $1 psychological mark. Currently, the Sonic SVM token is trading at $1.02, creating a bullish candle in the 1-hour chart.
Photo: TradingView
With a 2.35% jump, the price trend hints at a Morning Star pattern. With a potential reversal, the uptrend continuation in Sonic price is likely to re-challenge the $1.25 resistance level.
Using the trend-based Fibonacci levels, the upside price target for the SVM token stands at $1.57 and $2.17. With the massive upside potential, this Solana-based gaming token is one of the few well-performing tokens in a declining trend.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
