Sonic Price Remains Range Bound

Sonic price action has recently experienced a clear technical rejection from a key confluence zone, where the 0.618 Fibonacci retracement aligned with the Point of Control (POC) near daily resistance. This area acted as a strong supply region, leading to a decisive shift in momentum toward the downside.

Following the rejection, price has now broken below weekly support, which is a significant structural development. More importantly, price has found acceptance back within the previous trading range, indicating that the market has transitioned back into a rotational environment rather than trending.

From a technical standpoint, this breakdown opens the probability of a full rotation toward lower daily support levels. This move would likely coincide with a loss of the Value Area Low (VAL), further confirming bearish pressure and acceptance at lower prices.

Market structure currently remains range-bound, with no clear signs of bullish continuation. The rejection at resistance and breakdown of support suggest that sellers are in control in the short to medium term.

As a result, Sonic is likely to continue rotating within this range over the coming weeks and months, with downside levels being tested unless key resistance zones are reclaimed with strong volume.