Breaking News: Sonic's Price Plunge Persists Amid Bearish Storm!

Hang onto your hats, crypto fans! Sonic's price is nosediving into the danger zone, and it looks like there's no quick recovery in sight. Bearish vibes are running wild, and the whole ecosystem is slowing down big time.

On June 13, Sonic (S) took a brutal 15% hit, crashing to an intraday low of $0.314. We're talking a whopping 68% drop from its peak this year. Sonic's market cap is flirting with disaster, teetering on the edge of losing that sweet $1 billion status, down from a whopping $3.15 billion back in January.

The world's gone crazy with geopolitical tension, and you know what that means—a mad dash away from risk. After Iran launched a military strike on Israel, and with retaliation looming large, the entire crypto market lost over 7% in one fell swoop. Sonic? Yeah, it got hammered.

Even with Coinbase giving Sonic a nod today, the buzz didn't last. The on-chain data's screaming bearish, with core metrics flashing red across the board.

Santiment's numbers are chilling—total value locked in Sonic's DeFi protocols has tanked from nearly $2 billion in May to just $1.54 billion. Big players like Silo Finance, Pendle, AAVE, and Beets? They're down 35% to 50% in TVL over the last month. Ouch.

The party's over for Sonic, with revenue nosediving. Daily on-chain cash flow's dwindled to a measly $5,977 as of Friday, down from a roaring $42,000 in May.

Stablecoins on Sonic? They've shrunk by almost $200 million this year. Less stablecoin action means less liquidity, and you know what that spells—slower user activity across the board.

Exchanges are feeling the bearish blues too, with funding rates stuck in the red. Santiment says on May 13, those rates hit a low of 0.05%, the gloomiest they've been in a week. Traders are betting Sonic's price will keep tanking below the spot rate.

So, buckle up, because with all these bearish signals, Sonic's facing a rough ride ahead. No recovery in sight unless the ecosystem and investor mood do a 180 real fast.

Sonic Price Analysis: The Descent Continues!

Check out the 1-day USDT chart—yikes! Sonic's been on a wild rollercoaster ride, and it's not the fun kind. It's been crashing for weeks.

The token just smashed through $0.32, its last safe haven, and it's way below $0.38, the level that once held strong back in April. That $0.38 spot? It was the neckline of a double-top pattern that formed around $0.618—a big ol' red flag in the world of technical analysis.

Sonic's also trapped in a falling broadening wedge. As long as it's stuck in there, expect more downward pressure.

The 20-day simple moving average just crossed below the 50-day—bam! Death cross alert! And it's spreading wider, meaning sellers are still calling the shots.

MACD lines are pointing down, and Aroon Up's at rock bottom 0% while Aroon Down's soaring. It's a clear sign the downtrend's got some steam left.

So, where's Sonic headed next? Looks like it's aiming for the next big psychological support at $0.30.

But hey, if buyers step up and push it above that wedge's upper boundary, we might see a bullish comeback, sending Sonic soaring past $0.399, right up to its 20-day moving average.

Disclosure: This article's for the thrill-seekers out there looking to stay in the know. It's not investment advice—just some wild crypto talk for educational kicks!