Sonic's S Token Soars 16% After Coinbase Listing News!

Coinbase's Big Move Sparks Surge in Sonic (S)

Holy moly, Sonic's native token, S, just rocketed 16% in the last day, hitting $0.3208! Why? Because Coinbase dropped the bomb that they're listing this hot asset!

Coinbase Assets shouted it from the rooftops on June 23, saying Sonic (S) would be live "on or after 9AM PT on June 24" on Coinbase and Coinbase Exchange. They're rolling out the S-USD pair in stages, waiting for the right liquidity vibes, and they're sticking to the Sonic network for transfers, no messing around!

Heads up, folks! Coinbase is all in on Sonic (S) but only on the Sonic network. Don't even think about sending it over other networks, or you'll kiss your funds goodbye. Transfers are up and running on Coinbase and Coinbase Exchange, but only where trading's supported.

Market Goes Wild as Trading Volume Explodes

The moment Coinbase made the announcement, the market went bananas! Sonic's trading volume shot up over 76%, hitting a whopping $266.6 million. Coinglass data shows open interest jumped 9.57% to $25.47 million. This is getting real, people!

Even though derivatives volume stayed pretty chill, the rise in open interest screams louder speculative interest and maybe some serious upside belief. Sure, S has climbed recently, but it's still down nearly 30% over the last month and a massive 68% from its peak of $1.03 back in January 2025.

A Coinbase listing? That's like opening the floodgates to more folks, especially those retail users who love their fiat onramps. It pumps up liquidity and adds a serious stamp of credibility to the whole project.

SonicStrategy CEO Sees Bigger Picture

Mitchell Demeter, the big boss at SonicStrategy, is stoked. He says this listing could crack open the door to the big boys—institutional investors might start eyeing S for their managed portfolios and custodial products. And with Sonic's ecosystem blowing up, that credibility's only getting stronger.

Just last week on June 18, Sonic kicked off its Season 2 airdrop, showering $82 million worth of S tokens on the community—Point holders, NFT minters, Arcade users, everyone's getting a piece of the action. It's all about spreading the love and cranking up user activity.

And get this, on June 19, Sonic merged with 1inch, that beast of a decentralized finance aggregator. Now, Sonic users can enjoy low-cost swaps and cross-chain magic, diving into 1inch's epic DeFi world.

Technical Analysis: Signs of a Comeback?

From a tech angle, S is showing glimmers of a comeback after weeks of slumping. It's testing the middle Bollinger Band around $0.338, bouncing back from recent lows around $0.25. If it smashes through this level with big volume, we might be looking at a real trend.

Momentum's shifting too, with the MACD turning positive. The 10-day moving averages are cheering it on, but the 20- to 50-day averages are still playing hard to get, acting as resistance. The relative strength index is clawing its way out of oversold territory, hitting 41.8, but it's not quite in bullish territory yet.

If Coinbase's listing brings in the big bucks and more retail players, S could bust through resistance at $0.34 and maybe even shoot for $0.42, a level we haven't seen since May. But watch out, if it can't hold its ground, it might slip back to $0.29 or lower, especially if the post-listing hype fizzles out or the market keeps dragging.