Sonic (SONIC), formally known as Fantom (FTM), has gained significant attention on social media following its recent listing on Binance. On-chain metrics today showed that two whales exchanged USDT and Solana for Sonic, an activity that captured interest from market participants.
Two Whales buys SONIC
According to data shared by Onchain Lens today, a crypto whale spent $1.17 million USDT to purchase 977,323 SONIC tokens at a cost price of $1.20 for each token.
Another whale also spent 4,858 Solana coins worth $1.04 million to purchase 1.18 million SONIC tokens at a cost price of $0.88 each token.
The whales’ accumulations were influenced by Binance’s move to list SONIC. The trading platform listed Sonic (yesterday, January 7) to allow crypto users access and transact the asset.
Just in: #Binance has announced the listing of $SONIC, and in the past 24 hours whales are buying $SONIC.Whale 1: Spent $1.17M $USDT to buy 977,323 $SONIC at $1.20 each.– 2MuxjECjc9jmfq7XKz7Q3h3VkhsdFi1YsLc6zXTV2ZWQWhale 2: Spent 4,858 $SOL worth $1.04M to buy 1.18M $SONIC… pic.twitter.com/alcGFSerHd
— Onchain Lens (@OnchainLens) January 8, 2025
Historically, when exchanges list new tokens, this triggers market enthusiasm as traders and investors view such tokens as potential for price increases and higher returns.
These investors made their investments strategically, knowing that Sonic would experience a price rise in the near future, and subsequently, enable them to earn profits.
SONIC price updates
Despite its listing on Binance, the altcoin is trading down. Furthermore, Sonic’s highly anticipated upgrade failed to support bullish momentum for the new cryptocurrency.
Today, at press time, Sonic is trading at $0.0553, down 12.7% over yesterday. Its price has been down 2.7% in the past seven days, meaning that it is underperforming the global digital asset market, which is up 0.90% currently.
Also, the altcoin has been down 33.6% in the last 30 days. Its trading volume is also down 64.50% over yesterday, signaling a recent decrease in market activity.
Sonic completed its rebranding transition from FTM to the highly anticipated SONIC, yesterday, January 7. The transition and Binance listing were expected to trigger a bull run on the SONIC price. However, that has not happened so far.
Market analysts expect SONIC to see a massive price surge following the upgrade. The update transitioned the SONIC network to a more efficient and scalable infrastructure that decreases fees and improves transaction speed.
Analyst CryptoBoss recently spotted that the altcoin had moved out of a falling wedge pattern, indicating that the coin could potentially see a tremendous rise. According to the analyst, SONIC could surge its value by 256%, an event that could enable it to reach $2 soon.
Meanwhile, another crypto analyst, popularly known as Clifton Fx, also made an interesting observation. He identified that the token had moved above a long-term descending channel, which has been serving as resistance for almost four years. This technical indicator shows that SONIC is preparing to witness a potential massive uptrend possibly by around 400%, according to Clifton Fx.
Since the usher-in of 2025 made the broader crypto markets regain strength, SONIC is expected to see a resurgence in the short term. Especially with increasing market enthusiasm around the upgrade and investment from savvy investors, Sonic would soon recoup its losses and rise.
