- Top 25 wallets added 12.22M SONIC, led by SonicLabs treasury accumulation.
- Accumulation may link to governance vote, RWA tokenization, or liquidity pool plans.
- Analyst Van de Poppe says Sonic has strong support and big upside potenti
Sonic (S) is trading around $0.29 at the time of writing, down slightly on the day. Despite the pullback, activity from large holders has turned heads in the market.
Top Holders Add 12 Million SONIC
In the past 24 hours, the top 25 Sonic wallets accumulated 12.22 million tokens. This amount is more than 51 times the daily average, according to on-chain data. The buying was led by the SonicLabs treasury, hinting that most of the wallets involved are connected to the project itself.
There are speculations that the move could be linked to upcoming developments. These include preparation for an institutional governance vote, progress in real-world asset (RWA) initiatives such as FinChainās $328 million tokenization project, and possible allocation of SONIC to support RWA trading and liquidity pools.
Related: Analyst Singles Out XRP to Rival Bitcoin. Not in Price Though
Sonic Hasnāt Seen An āUptrendā Yet
Analyst Michaƫl van de Poppe said the Sonic ecosystem is one worth keeping an eye on. He explained that the project is holding on to strong support levels, which shows that its price has a solid foundation. According to him, the potential for upside remains big, even though Sonic has not yet entered a clear uptrend.
Van de Poppe added that if the price breaks above the moving average (MA), it could trigger a strong rally, opening the door for much larger gains.
āBreaking through the MA would indicate that thereās a ton of upside to come, as it hasnāt seen an uptrend as of yet,ā he wrote.
Technical Outlook
Sonic has shown strength since rebounding from its $0.18 bottom. Sonic has bounced strongly from its $0.18 low, flipping the $0.238 resistance into support. The token is now trading around $0.29, with the next target set at $0.32 if momentum continues.
If the price fails to break higher, analysts see support around $0.209ā0.21 as the key zone to watch.
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Source: https://coinedition.com/sonic-holders-accumulate-millions-as-price-tests-key-levels/
