Sonic (S) has made an impressive recovery, skyrocketing by 31% just days after hitting an all-time low. Currently trading at $0.46, the token has surged nearly 10% within the past 24 hours, sparking excitement among traders.

The sudden upswing in Sonic's trading activity has caught the attention of investors, with many seizing the opportunity to capitalize on the recent dip in its value. This surge in demand has revitalized interest in the altcoin, with Coinglass reporting total inflows of $215,000 at present.

While this figure may appear modest, it signifies a significant turnaround from the recent outflows experienced by Sonic's spot markets. Increased spot inflows indicate a growing interest in the asset and a boost in investor confidence, potentially leading to an upward price trajectory.

Moreover, Sonic's open interest has been steadily climbing, currently standing at $41.05 million, reflecting a 33% rise in the last 24 hours. This surge in open interest, coupled with the price rally, suggests a heightened level of trader activity around the altcoin.

Looking ahead, Sonic is poised to break above its 20-day Exponential Moving Average (EMA) on the 12-hour chart, a key resistance level that has persisted since early February. A successful breach of this level could signal further bullish momentum, potentially propelling the price towards $0.059.

However, if profit-taking behavior resurfaces among traders, there is a possibility that Sonic's price may retreat to $0.33.Traders and investors are closely watching these developments to gauge the future trajectory of Sonic and capitalize on potential gains.