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Sonic [S] traded near $0.05472 on October 13, according to Ambcrypto, after the token reached $0.07379 earlier in the same session. That left S about 26% below its intraday high, having given back most of the ground it had gained during its recovery.
The retreat has put the $0.05 area back in focus. A volume-based indicator that had improved during the rebound turned sharply lower over the last two daily candles, which keeps doubt alive about how durable the recovery really is.
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Key facts
- S traded near $0.05472 on October 13 after peaking at $0.07379 earlier in the session, roughly 26% off that high.
- S was down 3.05% from its previous daily close at the time the report was written.
- October 15 is the final claim deadline for Sonic’s first two airdrop seasons; unclaimed tokens will be burnt and anyone can trigger that process.
- The most recent announcement said about 32.69 million S remained unclaimed at the time, a figure that could fall as more holders claim.
- Sonic has said it commissioned an independent supply audit and that manual minting would stop, while automated issuance for validator rewards would continue.
Sharper candles, heavier selling
The two most recent daily candles both opened strong and closed well below their highs. Trading activity rose during those moves, but buyers could not defend the higher prices. The accumulation/distribution line followed a similar path: it improved through the recovery and then dropped steeply across those same two sessions.
That combination suggests the current support is weakening rather than absorbing the selling. It is a different picture from the earlier phase of the move, when rising prices were being held and the distribution indicator was trending up.
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The October 15 airdrop deadline
Sonic announced in April that October 15 would close claims for its first two airdrop seasons. Whatever remains unclaimed at that point is set to be burnt, and the report notes that any party can initiate the burn. The last published count put roughly 32.69 million S still outstanding, though that number can shrink as claims come in before the cutoff.
Separately, Sonic said last month that it had commissioned an independent supply audit and that manual minting would end. Automated issuance tied to validator rewards would not stop. Those two changes together bear on how the market reads the token’s supply picture around the deadline.
Levels to watch
The nearest downside zone sits between $0.0523 and $0.0500. Holding that band would let S stabilise after the pullback. A move back through the $0.0600–$0.0610 range would improve the short-term chart, though the bigger obstacles remain at the $0.069–$0.074 levels where the recent highs were set.
Should S lose $0.05 and fail to recover it, attention would shift to the $0.0445–$0.0463 area.
Why it matters
Sonic holders are facing two things at once: a chart that has surrendered most of a recent advance, and a hard deadline that will shrink the unclaimed portion of the airdrop supply. The burn removes tokens from circulation, but it also removes claims that some eligible holders may have been counting on. For traders, the $0.05 line is now the dividing point between a stabilisation and a deeper slide toward the next support band.
What to watch
October 15 is the immediate marker: how much S is claimed before the cutoff, and how much is left to be burnt, will set the supply side of the story. On the chart, a daily close above $0.0610 or below $0.0500 would confirm which direction the next move is taking.
This article is not financial advice. Crypto markets are volatile and prices can move sharply in either direction.
Reported by ambcrypto.com.
Source: AMBCrypto