Sonic [S] traded near $0.05472 on October 13 after reaching $0.07379 earlier in the session. The daily chart showed it was about 26% below that high, losing most of the gains it saw.
The retreat has set the sights again on the $0.05 area, while a declining volume-based indicator keeps some doubts about whether recovery will actually succeed.
Meanwhile, Sonic’s October 15 airdrop claim deadline draws closer, but it remains to be seen how many of the claimed Sonics will be eligible to be burnt.
Higher prices are proving difficult to hold
The latest two daily candles show sharp retreats from their highs. Trading activity increased during those moves, but S struggled to maintain the higher prices.
The accumulation/distribution line tells a similar story. After improving during the recovery, it dropped steeply over the latest two candles.
At the time of this writing, S was down 3.05% from its previous daily close.
What the October 15 deadline actually changes
Sonic announced in April that October 15 was the final claim deadline for its first two airdrop seasons. If there are still unclaimed tokens, they will be burnt, and anyone can trigger that process.
The last announcement said about 32.69 million S was remaining at the time, but that number could fall as more people claim.
Separately, last month, Sonic admitted it commissioned an independent supply audit, and manual minting would stop. But automated issuance for validator rewards would continue.
Can buyers defend $0.05?
The nearest downside area sits around the $0.0523–$0.0500 price areas. Holding there would give S room to stabilize after the retreat.
While a recovery through the $0.0600 – $0.0610 levels would certainly make the chart look brighter in the short term, however, the larger hurdles remain around the high prices in the $0.069 – $0.074 levels.
If it loses the $0.05 price level and fails to recover, attention will move to the $0.0445–$0.0463 price areas.
Final Summary
- The sharp retreat and falling accumulation/distribution that Sonic is seeing suggest that support is weakening.
- Airdrop allocations not claimed will be burnt after October 15.