Date: Mon, February 24, 2025 | 03:53 AM GMT
In the cryptocurrency market over the past week, noticeable altcoins have started showing signs of upside momentum after a continuous drop since the rallies of November 2024. Ethereum (ETH) has also demonstrated resilience despite the largest hack on Bybit, indicating a positive outlook for altcoins.
Following this, Sonic (S) is emerging into the spotlight with an impressive 58% weekly gain, erasing its earlier decline with an 7% increase over the last 60 days. At the same time, Cosmos (ATOM) appears to be mirroring Sonic’s move, after a 30% pullback.
Sonic (S) Analysis
Sonic (S), formerly known as Fantom (FTM), recently completed a three-year-long descending trendline breakout. This major breakout, which occurred in October 2024, propelled Sonic above its key resistance level at $0.66, leading to a rally toward $1.47.
However, due to broader market corrections, Sonic retraced to $0.32, successfully retesting the breakout trendline before bouncing back to $0.86. Currently, the price is finding strong support at the 25 SMA, indicating potential bullish continuation toward its next resistance level of $1.47.
A successful breakout above $1.47 could pave the way for new highs, continuing its upward momentum.
Cosmos (ATOM)
Much like Sonic, Cosmos (ATOM) 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 ATOM past its descending resistance trendline, leading to a sharp rally toward $10.67 before undergoing a pullback.
Following the correction, ATOM retested its breakout trendline near $3.68, a critical support level. The price has since rebounded to $4.67, where it is currently eyeing a cross above the 25 SMA—similar to Sonic’s recent pattern.
A break above the 25 SMA could confirm a recovery, opening the door for ATOM to reclaim its previous highs near $10.67.
What’s Ahead?
Both Sonic (S) and Cosmos (ATOM) are at crucial turning points, with their technical structures suggesting potential for further upside. If Sonic successfully reclaims $1.47 and ATOM moves past its short-term resistance at the 25 SMA, we could see a continuation of bullish momentum across both assets.
The recent hack on Bybit has created minor uncertainty, which could lead to short-term volatility. However, if the broader market stabilizes, these altcoins may continue their recovery and push towards their next resistance levels.
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