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Following
S Sonic builds a cup handle shape, and the bullish signal is emerging.
Sonic has recently formed a typical "Cup and Handle shape" on the chart, a technical pattern that usually indicates that prices may continue to rise. At the same time, the MACD indicator is approaching the golden cross signal. Although the flow of funds is still worrying, strong long trading volume dominates the market, providing strong support for breaking through resistance levels.
Sonic attracted the attention of traders with its strong one-day gain and promising chart form. Buying continued to enter, pushing prices closer to key resistance areas. However, the next trend will determine whether the rebound expands further or withdraws momentum. Technical indicators showed mixed signals: some indicators supported bullish breakthroughs, while others warned of caution. As a result, traders are currently keeping a close eye on a key price point that could determine Sonic's future direction.
Cup handle shape hints at potential upside space
Currently, Sonic's price is forming a cup handle shape. Traders often view this as a bullish setup. When prices break the neckline, stronger upward momentum is usually confirmed. Prices are currently approaching this important resistance area. Buyers must push the price to the neckline to verify the effectiveness of the pattern. If this happens, Sonic is expected to target higher levels in the coming trading days.
The first upper target is around $0.049, which represents an increase of about 15% compared to the neckline. If momentum strengthens, the price may push further to US$0.0586, which means an increase of about 35% above the neckline. However, this pattern has not yet been completed before the resistance level is broken. Sellers may still defend at the neckline. If they encounter rejection at this position, the price may enter a consolidation stage or even form a larger handle shape before attempting to move upwards.
A deeper decline would weaken the current bullish structure, potentially invalidate existing patterns and change market sentiment. Indicator readings add another meaning to the story. The Moving Average Convergence and Divergence Indicator (MACD) shows growing bullish potential and is currently on the verge of forming a "golden cross".
Weak capital flows remain a major concern
Although MACD shows a positive outlook, the Money Flow Index (MFI) reveals a different picture. The recent decline in MFI suggests capital is flowing out of the market. This trend deserves close attention, as continued outflows often lead to selling pressure. However, the current situation may not be completely bearish, and the possibility of profit-taking seems greater than panic selling. The current MFI reading is 57.4, which is still in the positive range.
To achieve a stronger rebound, capital flows need to pick up again. Combined with the golden cross signal of MACD, such a trend will significantly improve the bullish outlook. Judging from market positions, bulls still have an advantage. Long-term/short-term ratio data shows that long positions account for 53% and short positions account for 47% in the perpetual contract market.
Buying activity also dominates on the largest trading platforms. Continued long volume often helps push prices higher. Constant demand may help Sonic overcome neckline resistance and unlock the next stage of growth. For now, traders should closely observe the movement of the neckline. A breakthrough could trigger increases towards $0.049 and $0.0586. However, weak capital flows remain a key risk factor that could slow down the process.
