Sonic [S] traded near
The retreat has set the sights again on the $0.05 area, while a declining volume-based indicator keeps some doubts about whether recovery will actually succeed.
Meanwhile, Sonic’s October 15 airdrop claim deadline draws closer, but it remains to be seen how many of the claimed Sonics will be eligible to be burnt.
Higher prices are proving difficult to hold
The latest two daily candles show sharp retreats from their highs. Trading activity increased during those moves, but S struggled to maintain the higher prices.
The accumulation/distribution line tells a similar story. After improving during the recovery, it dropped steeply over the latest two candles.
At the time of this writing, S was down
What the October 15 deadline actually changes
Sonic announced in
The last announcement said about
Separately, last month, Sonic admitted it commissioned an independent supply audit, and manual minting would stop. But automated issuance for validator rewards would continue.
Can buyers defend $0.05?
The nearest downside area sits around the
While a recovery through the
If it loses the $0.05 price level and fails to recover, attention will move to the
Final Summary
- The sharp retreat and falling accumulation/distribution that Sonic is seeing suggest that support is weakening.
- Airdrop allocations not claimed will be burnt after October 15.
