Sonic (formerly known as Fantom) has been the second-best performing top-100 cryptocurrency this week, with a 25% jump in its price. The token reached a weekly high of $0.5882, its highest level since January 31 and 75% above its lowest point this year. The surge in price is attributed to the strong performance of the ecosystem, as the total value locked in it reached a record high of $400 million. Various dApps in the ecosystem have also seen significant increases in assets. Additionally, Sonic offers a higher staking yield compared to other tokens, making it attractive to investors. The price chart suggests that Sonic may be forming an inverse head and shoulders pattern, indicating a potential bullish trend. If the price breaks above the neckline at $0.5878, further upside gains are expected.



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