Date: Mon, February 17, 2025 | 11:48 AM GMT
The cryptocurrency market has been showing mixed signs of recovery after weeks of correction, with notable altcoins attempting to regain lost ground. Bitcoin dominance has dropped by 1.88% over the past week, now sitting at 60.49%, this suggests that altcoins might be preparing for a rebound.
Following this, Sonic (S) is coming up in spotlight with an impressive 10% surge in the last 24 hours, narrowing its 30-day correction to 15%. At the same time, Uniswap (UNI) appears to be mirroring Sonic’s move, showing early signs of a rebound after a 30% pullback.
Source: Coinmarketcap
Sonic (S)
Sonic (S), formerly known as Fantom (FTM), recently completed a three-year-long descending triangle breakout. The breakout, which took place in October 2024, saw Sonic surge above its key resistance level at $0.66, eventually reaching a local high of $1.47.
Sonic (S) Weekly Chart/Coinsprobe (Source: Tradingview)
However, due to broader market corrections, Sonic briefly dropped to $0.32, successfully retesting the breakout trendline before bouncing back to $0.58. The price is currently supported by the 100 SMA, a crucial level for maintaining bullish momentum.
If Sonic continues to hold above the 100 SMA, the next major resistance sits at the 200 SMA. A successful break above this level could propel Sonic toward the $1.47 resistance, signaling a full recovery and potential new highs.
Uniswap (UNI)
Much like Sonic, Uniswap (UNI) recently completed a major breakout from a long-standing descending triangle pattern that had been in place since 2021. The breakout in November 2024 pushed UNI past the $9.50 resistance, leading to a sharp rally toward $19.46 before undergoing a pullback.
Uniswap (UNI) Weekly Chart/Coinsprobe (Source: Tradingview)
Following this breakout, UNI retested its breakout trendline near $7, a critical support level. The price has since rebounded to $10.05, where it is currently holding above the 100 SMA—similar to Sonic’s recent pattern.
A break above the 200 SMA could confirm a renewed uptrend, opening the door for UNI to reclaim its previous highs near $19.46.
What’s Ahead?
Both Sonic and Uniswap are showing promising signs of recovery after their respective breakouts and retests. For both Sonic (S) and Uniswap (UNI), the 200 SMA stands as a key hurdle—breaking above this level could confirm a strong bullish reversal, potentially leading to a retest of their recent highs at $1.47 and $19.46, respectively
With Bitcoin dominance declining and capital rotating into altcoins, the coming weeks will be crucial for Sonic, Uniswap, and other major altcoins.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
