Sonic Token Price Analysis: Weakness Persists as Selling Pressure Mounts
The Sonic token price is exhibiting signs of weakness, having been rejected from the $0.17 resistance level. This rejection has led to a decline in price, which is now nearing the bottom of the value range. The risk of a deeper correction towards untapped yearly lows is increasing, sparking concerns among investors.
A closer examination of the market structure reveals that the Sonic token was rejected at the $0.17 resistance, confirming ongoing weakness. The bottom of the value range is at risk, indicating a possible collapse. If this support level fails to hold, a new annual low could be formed, further exacerbating the downward trend.
Key Technical Points and Market Outlook
The Sonic token price continues to show persistent weakness, struggling to sustain its structure above key levels. The recent rejection at around $0.17 has sparked renewed bearish momentum, pushing the price back towards the low of the value area. This critical support zone is now under severe pressure, and its failure could lead to a deeper corrective move.
From a technical perspective, the Sonic token’s recent price movement reinforces its bearish bias. Rejection from $0.17 confirms that buyers have failed to reclaim resistance, allowing the market to continue trending lower. As a result, the price has extended downwards towards the low of the value range, which now serves as the last short-term line of defense.
PIUSDT (1D) chart, source: TradingView
The low in the value range is “barely sustainable,” indicating buyer exhaustion. A decisive break below this region would confirm a continuation of the bearish expansion and would likely target the untapped yearly low that has not yet been tested. If the downward momentum continues, this could reach a new low for the year.
Market Expectations and Potential Outcomes
If the low of the value range does not hold, the Sonic token could extend its correction to test the unused annual low, where a temporary recovery or accumulation phase could occur. Conversely, if the price stabilizes above this support and volume begins to recover, a short-term consolidation range could develop between the $0.17 resistance and current support before a significant reversal occurs.
For more information and the latest updates on the Sonic token price, please visit https://crypto.news/sonic-token-price-struggles-at-0-17-as-selling-pressure-mounts-new-yearly-low-possible/
