Sonic's S has become the strongest appreciating Token on the market in the past 24 hours. Its price has increased by 15% over the past day as the buying momentum has strengthened in the cryptocurrency market.

With the widespread recovery of the market, investor sentiment towards this altcoin is becoming more positive, suggesting a prolonged uptrend.

Sonic's Upward Momentum Strengthens

Currently trading at the highest level in five days at $0.51, S is trying to break above the Ichimoku Cloud. This Token has climbed above the Cloud's Leading Span A (green) and is now rising towards Leading Span B (red).

Ichimoku Cloud tracks the momentum of an asset's market trend and identifies potential support/resistance levels. When the price breaks above the indicator's Leading Span A, it signals a shift to bullish momentum as demand increases.

With S continuing to rise towards Leading Span B, an attempt to fully exit the cloud will reinforce the uptrend. A successful move above the red line will confirm the strong bullish trend and indicate that S has overcome significant resistance.

Furthermore, S's rising Relative Strength Index (RSI) confirms the positive trend, indicating that the momentum is strengthening. At the time of writing, this indicator, which measures an asset's overbought and oversold conditions, is climbing towards the neutral 50 level.

This RSI signal suggests that the bullish sentiment is increasing among S investors as buying pressure rises. This move implies a potential price reversal in the Token's price action.

S at a Crossroads: Surge Above $0.66 or Decline Below $0.33?

Sustained demand for S could push its price above the resistance level at $0.59. If the Token can turn this price level into a support floor, it may attempt to break above Leading Span B, establishing a dynamic resistance at $0.66 for S.

However, if the selling pressure continues, this bullish forecast will be invalidated. In that case, S's price could drop below the Cloud to trade at $0.33.