Date: Thu, February 6, 2025 | 07:52 AM GMT
Despite Bitcoin (BTC) maintaining strong momentum, major altcoins have been struggling to hold their ground. Since the November-December rally, many altcoins have undergone a steep correction, and the recent sharp fall—triggered by increased tariffs announced by Donald Trump—has added more bearish pressure.
Among the biggest declines in altcoins are Sonic (S) and Uniswap (UNI), both of which have faced a major correction of over 40% in the last 60 days, bringing them to retest key breakout levels.
Sonic (S)
Sonic (S), previously known as Fantom (FTM), successfully broke out of a three-year-long descending triangle pattern in October 2024. The breakout occurred when Sonic surged above the upper resistance trendline near $0.66, pushing its price to a local high of $1.47.
However, due to the recent market correction, S briefly dropped to $0.32 to retest the breakout trendline. Now, S has regained its position above this level and is currently trading around the $0.46 mark.
If this support holds, a potential bounce could lead it to face the 100 & 200SMA, and crossing this level could push it toward the next resistance at $1.47.
Uniswap (UNI)
Similar to Sonic (S), Uniswap (UNI) made a major breakout in November 2024 from a long-standing descending triangle pattern—a formation that had been developing since the last bull run in 2021.
This breakout was confirmed when UNI surged past the upper resistance trendline at $9.50, reaching a local high of $19.46 before pulling back for a retest. Currently, UNI has tested its breakout trendline near $7 and has since rebounded to $9.34.
If this support holds, a potential bounce could lead it to face the 200SMA, and crossing this level could push it toward the next resistance at $19.46.
Is A Bounceback Ahead?
As of now, both S and UNI are retesting their breakout levels, and a successful bounce could confirm a bullish continuation. However, their next moves will largely depend on Ethereum (ETH) and broader crypto market sentiment. If ETH continues its recovery, it could provide the momentum needed for altcoins like S and UNI to confirm a bounce and start a new bullish trend.
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