Key takeout
The S has risen 1% in the last 24 hours and is now above $0.30.
Positive performance comes as Sonic Labs commits $40 million to Sonics Trategy to fund US expansion.
Sonic Labs has set aside $40 million for Sonics Trategy
S, a native coin for the Sonic Labs ecosystem, has grown by 1% over the past 24 hours and is now above $0.30. Positive performance coincided with a wider market gathering, with Bitcoin regaining the $111K mark.
However, thanks to positive development within the SONIC Labs ecosystem, S could rise high in the short term. Spetz (SPTZ), which operates business as Sonics Trategy, announced a few hours ago that it would receive $40 million in conversion funds from Sonic Labs, the foundation behind the Sonic blockchain.
The company added that the funds will support the Department of Finance, validator operations and blockchain investments. Additionally, funds can also be converted to common stock at $4.50 per share if certain conditions are met.
The investment is part of Sonic’s expansion to the US, and is also aiming to launch ETFs and pursue piped vehicles.
S aims to be $0.32 amid improving market conditions
S/USD’s 4-hour charts are bearish and efficient, but as soon as the market situation begins to improve, it can be bullish. The RSI of 48 indicates a drop in sales pressure, and the MACD line is about to cross the positive zone.
At the time of pressing, S is trading at a minimum of $0.29 to $0.309 on Monday. If the recovery continues, S will be able to target TLQ and support levels for $0.32 in the coming hours. The extended bullish run will allow the S to regain its $0.36 high from August 24th.
However, the market is volatile and prices may face corrections. If that happens, the S could retest the low of $0.29 before soaking at the low of $0.272 in August.
