Sonic eyes $0.418 range high, but a more urgent threat looms

Key Points

1. Sonic [S] rallied 19.4% in 24 hours, testing the $0.297 support level and showing potential to reach higher prices.

2. The price has been range-bound between $0.3 and $0.418, with mid-range resistance at $0.356 being tested.

3. Technical indicators like OBV show buying pressure, but CMF and MFI suggest weakness, indicating potential difficulty in surpassing $0.356 resistance.

4. Liquidation heatmap highlights key levels at $0.35 and $0.36-$0.362, suggesting caution for traders.

5. A move past $0.36 with a retest as support could present a buying opportunity, but waiting for a breakout might be safer.