Sonic (S) Leads Crypto Market With 54% Weekly Surge, Is $1 The Next Stop?

Sonic (S), formerly Fantom (FTM), has seen a significant price increase after rebranding. Its price has risen by 54.61% over the past week and 20% in the last 24 hours, reaching a new yearly high of $0.87. The token upgrade and rebrand from FTM to S occurred on a 1:1 ratio. The Total Value Locked (TVL) in the Sonic ecosystem has grown from $405.39 million to $635.31 million in the past seven days, a significant increase. Currently trading at $0.86, Sonic is up 66% over the past month. While some analysts are optimistic about further price increases, potentially reaching $1, others suggest a potential sell-off could see the price drop back to the $0.60 support level.