Date: Thu, February 20, 2025 | 05:38 AM GMT
The cryptocurrency market has been showing signs of recovery after weeks of correction, with major altcoins attempting to regain lost ground.
Following this trend, Sonic (S) has been making headlines with an impressive 15% surge in the last 24 hours, adding to its 35% monthly gains. Meanwhile, Near Protocol (NEAR) appears to be following a similar trajectory, showing early signs of a potential rebound after a 34% pullback.
Sonic (S)
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 $0.74. Currently, the price is finding strong support at the 200 SMA, indicating potential bullish continuation.
What’s Next for Sonic?
- If Sonic (S) holds above the 200 SMA, the token is likely to push toward the $1.47 resistance level.
- A successful breakout above $1.47 could pave the way for new highs, continuing its upward momentum.
Near Protocol (NEAR)
Much like Sonic, NEAR Protocol (NEAR) recently broke out of a long-term descending triangle that had suppressed its price for nearly three years. The breakout in November 2024 pushed NEAR past the $4.89 resistance trendline, triggering a rally toward $8.24 before undergoing a pullback.
However, recent corrections have brought NEAR back to a critical support zone, where it is currently retesting the breakout trendline. At $3.21, NEAR is showing resilience, suggesting buyers are actively defending this level.
What’s Next for NEAR?
- If NEAR holds this support and rebounds, it will need to break above the 200 SMA to confirm its next move.
- A successful move beyond the 200 SMA will set $8.24 as the next immediate resistance.
What’s Ahead?
With both Sonic (S) and NEAR Protocol retesting key levels after their respective breakouts, traders should closely monitor their price action and market sentiment.
If Ethereum (ETH) maintains stability and altcoin momentum continues, Sonic and NEAR could both witness strong rallies.
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