Sonic Tests Key Resistance Amid Conflicting Market Signals

Sonic's price action presents a puzzle for traders. The asset rallied 19.4% in 24 hours, testing the $0.36 resistance level after maintaining $0.3 support for a month. Market structure shows both promise and peril—the OBV indicates accumulating buying pressure while the CMF and MFI suggest weakening momentum.

Range-bound between $0.3 and $0.418 since mid-July, Sonic faces a critical juncture. The 4-hour chart reveals robust demand with elevated trading volume, yet the mid-range resistance at $0.356 poses a formidable barrier. 'The market needs to show its hand,' as one analyst put it, emphasizing the importance of confirmation before decisive moves.

Technical indicators paint a mixed picture. While the bullish structure on lower timeframes suggests potential upside, the failure to sustain breakouts in July tempers expectations. Traders await either a decisive push above $0.418 or rejection at current levels to determine Sonic's next trajectory.