Sonic SVM Price Soars As Traders Flock To This Pepe Derivative

The Sonic SVM price surged 65% in the last 24 hours to trade at $1.009 as of 01:31 a.m. EST on trading volume that skyrocketed 786% to $2.12 billion.

Sonic SVM Price On A Bearish Trend

The SONIC price chart displays a notable downtrend after reaching a local high of approximately $1.50. Following the sharp drop, the price of Sonic SVM has been trading within a falling channel pattern, marked by lower highs and lower lows. This pattern reflects sustained bearish momentum in the short term.

Currently, the Sonic SVM price is hovering around $1.0094, just above the psychological support level of $1, according to GeckoTerminal data. The falling channel is indicative of bearish control, but a breakout from this pattern could signal a shift in momentum.

Positioned at $1.212, the 50 Simple Moving Average (SMA) on the 5-minute chart is trending downward, reflecting the bearish nature of the current SONIC price action. The price of SONIC is trading well below this level, which now acts as resistance. 

At $1.1439, the 200 SMA has also turned into a resistance level. The price breaking below both the 50 SMA and 200 SMA confirms bearish sentiment.

Meanwhile, the Relative Strength Index (RSI) is at 33.42, which places it near the 30-oversold zone. This suggests the market is approaching a point of potential price exhaustion, where a reversal or relief rally might occur. However, a continued drop in RSI could imply further downside.

SONIC Bearish Trend To Continue?

In the short term, the falling channel pattern suggests further bearish momentum, with potential price targets around $0.95 if the price continues to trend lower. 

However, if SONIC continues to encounter selling pressure, the bears could drive the price of Sonic SVM to the furthest support zone at $0.85.

However, a breakout above the upper trendline of the descending channel, accompanied by increased volume, could indicate a reversal.

In such a scenario, the Sonic SVM price could target the 50 SMA ($1.212) or even higher at $1.30.

Meanwhile, investors are diversifying their portfolios by buying the Wall Street Meme (WEPE) presale, a meme coin that crypto YouTube sensation ClayBro, with over 134K subscribers, predicts could achieve a 100x return.

Wall Street Pepe Presale Continues To Break Records – Next 100X Crypto?

Wall Street Pepe (WEPE) is making waves in the crypto world, blending meme coin appeal with real-world utility. 

Rumors suggest WEPE could launch on major exchanges such as Binance and Coinbase as early as February 2025, driven by its rapidly growing community and record-breaking presale, which has already raised $43.7 million.

Unlike traditional meme coins, WEPE offers more than just hype. It empowers small investors through its WEPE Token Army, providing access to exclusive trading insights, alpha calls, and strategies designed to level the playing field against market whales. 

This unique focus on utility and community support sets WEPE apart from competitors.

Flying 1st class on the WEPE express. Up only. 🐸⚔️ pic.twitter.com/4rJ9k8mvyN

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Key features include a 29% annual percentage yield (APY) through staking, allowing investors to earn passive income. 

Additionally, early adopters gain insider access to a private group known as the WEPE Army for trading tips and exclusive market insights, maximizing their profit potential.

With less than 48 hours left until the next price hike, now is the perfect time to buy WEPE tokens at $0.00036644 each. 

You can buy WEPE from the official website here using ETH, USDT, or a bank card. 

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