Sonic S Under Pressure: Momentum Weakens Near $0.2884 Level

The token is trading just above $0.2884, a critical support level that, if broken, could trigger a move toward $0.25.

Negative funding rates and rising open interest suggest growing short exposure amid weakening momentum and thinning volume.

A bounce toward $0.3152 remains possible if $S holds above support, but resistance and lack of buyer commitment cloud the outlook.

Sonic S extended its week-long slide in Friday’s early dealings, declining another 8.1% to trade near $0.2898. The downdraft leaves the community-run token less than one cent above the intraday low of $0.2884, a level chart-watchers tag as short-term support

A deeper support sits at $0.395, derived from a 12-hour perpetual-futures chart that has repeatedly capped sell-offs since mid-March. Whether that broader level can still anchor price action has become the central question for traders.

Sonic S Slips Below Key Averages as Momentum Fades

The structure remains fragile. On the 12-hour timeframe, $S is now trading below its 20-period exponential moving average and has pierced the mid-April ascending trendline. The relative-strength index lingers in the mid-30s, underscoring waning momentum but stopping short of classic oversold territory

Volume has also thinned, suggesting buyers are yet to commit in size. A decisive close under $0.2884 would expose the March swing low near $0.2500, while any rebound faces immediate friction at $0.3152, the former range midpoint that doubles as the 50-period EMA.

Sonic S Faces Pressure as Bearish Bets Rise

Broader conditions are not helping. Bitcoin’s muted advance this week has pushed smaller-capitalization assets toward the lower end of recent ranges. Derivatives data show funding rates for the Sonic perpetual contract tilting negative for the first time in three weeks, reflecting a growing bearish bias among leveraged traders. At the same time, open interest has inched higher, hinting at fresh short exposure rather than new longs.

Sonic S at Critical Support Amid Uncertain Momentum

Analysts are monitoring the daily close. Holding above $0.2884 would keep the door open for a technical bounce toward $0.3152 and, by extension, the better-defined wall at $0.395. A break below, however, could accelerate liquidations and usher in a test of the psychological $0.25 handle

For now, Sonic S remains in a delicate position—caught between fading liquidity and a crowded short trade. Traders eyeing fresh entries may wait for confirmation at the noted levels, as the next move could define the token’s trajectory into early June.