Key takeaways

• S is up 1% in the last 24 hours and is now trading above $0.30.
• The positive performance comes as Sonic Labs commits $40m to SonicStrategy to fund U.S. expansion.

Sonic Labs sets aside $40 million for SonicStrategy

S, the native coin of the Sonic Labs ecosystem, is up 1% in the last 24 hours and now trading above $0.30. The positive performance coincides with a broader market rally, with Bitcoin reclaiming the $111k mark.

However, S could rally higher in the near term thanks to positive development within the Sonic Labs ecosystem. Spetz (SPTZ), doing business as SonicStrategy, announced a few hours ago that it will receive $40 million in convertible funding from the foundation behind the Sonic blockchain, Sonic Labs.

The company added that the funding will support its treasury, validator operations, and blockchain investments. Furthermore, the funding can also convert to common stock at $4.50 per share if certain conditions are met.

The investment is part of Sonic’s expansion into the US, as it also looks to launch an ETF and pursue a PIPE vehicle.

S targets $0.32 amid improved market conditions

The S/USD 4-hour chart is bearish and efficient but could soon flip bullish as market conditions start to improve. The RSI of 48 shows that the selling pressure is declining, with the MACD lines about to cross into the positive zone.

At press time, S is trading at $0.309, up from Monday’s low of $0.29. If the recovery continues, S could target the TLQ and support level at $0.32 over the next few hours. An extended bullish run would allow S to reclaim the high of $0.36 from August 24th.

However, the market remains jittery, and prices could face a correction. If that happens, S could retest the $0.29 low before dipping towards the August low of $0.272.

Crypto prices on Tuesday have continued stirring up market uncertainty, mainly illustrating an extended sluggish performance. Bitcoin (BTC) price continues to hover around the $96K level on Feb 18, although Ethereum (ETH) gained slightly by 2%. Besides, XRP and Solana (SOL) prices dropped 2%-5% in the interim, solidifying investor uncertainty. Nevertheless, Sonic (S) emerged as the day’s top gainer, defying the broader turbulence.

Here’s a brief collection of some of the most trending coins for the day and how their prices are delivering in the market

Crypto Prices On Feb 18 Turbulent

Notably, the global cryptocurrency market cap was down by 0.26% from yesterday, reaching $3.18 trillion. This data indicated that the broader market faces some heat at the moment, primarily attributable to macroeconomic factors such as rising U.S. inflation and unchanged interest rates. However, the total market volume was up 56.04% to $94.67 billion intraday. Let’s dig deeper into the coins’ prices for today.

BTC & Leading Crypto Prices: Here’s All

After a notable sideways trading session, BTC price exchanged hands at $96,258, up marginally by 0.07% from yesterday. The coin’s intraday low and peak were $95,243.54 and $97,032.24, respectively. Bitcoin’s dominance was up 0.10% from yesterday, reaching 59.83%.

Simultaneously, ETH price gained roughly 2% in the past 24 hours and closed in at $2,712. The coin’s 24-hour low and high were $2,640.18 and $2,848.78, respectively.

Meanwhile, XRP’s price plunged nearly 2% intraday, reaching $2.66. The Ripple-backed asset’s 24-hour bottom and peak were $2.61 and $2.73, respectively. Notably, XRP’s price slips despite Ripple’s USD (RLUSD) stablecoin hitting a new milestone with 120 million tokens circulating in supply.

Also, SOL price dipped by 4.5% in the past 24 hours, reaching $177.96. Its intraday bottom and peak were $175.26 and $186.82, respectively. Notably, CoinGape reported that Solana’s price dipped amid bearish whale maneuvers, declining DEX volumes, and other stats indicating a loss of market confidence in the asset.

Top Crypto Gainer Prices Today

Sonic (S)

Price: $0.626
24-Hour Gains: +17%

Notably, Sonic’s price rises amid its TVL hitting a high of $426.66 million, signaling heightened market confidence in the asset.

Maker (MKR)

Price: $1,063
24-Hour Gains: +7%

MKR soars alongside a slight increase in its futures OI to $69.71 million.

Berachain (BERA)

Price: $5.98
24-Hour Gains: +6%

Notably, BERA’s price has shot up in tandem with a 23% increase in its futures OI to $144.29 million.

Top Crypto Loser Prices Today

Jito (JTO)

Price: $2.72
24-Hour Loss: -11%

OFFICIAL TRUMP (TRUMP)

Price: $17.25
24-Hour Loss: -8%

Jupiter (JUP)

Price: $0.7921
24-Hour Loss: -7%

Overall, despite the broader market turbulence, renowned crypto analyst Titan of Crypto took to X, projecting a bullish outlook for prices. “Alts are set to bounce soon, IMO,” the analyst claims, spotlighting historical charts. Traders and investors continue to monitor asset prices, expecting an optimistic trajectory shift shortly ahead.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.