Sonic (S) is currently priced at $0.073911, reflecting a significant 24-hour decline of 9.588%. The asset is trading near its daily low of $0.072344 and has shown a daily range of $0.01269, indicating a volatile session.

Volume stands at 40,828,441, representing a relatively high trading activity with a volume-to-market cap ratio of 14.60%. This suggests strong selling pressure, which is corroborated by the declining hourly moving averages, with the 55 SMA down 7.47% and the 144 SMA down 10.94%.

The 1-hour RSI is at 21, indicating that the asset is oversold, while the 7-day RSI at 43 suggests potential weakness in momentum. Both the 7-day and 14-day price changes show losses of 11.31% and 18.01%, respectively, highlighting a consistent downtrend over these periods.

The all-time high of $1.029, reached on January 4, 2025, remains far from the current price, indicating substantial downward movement since that peak. Given the current technical indicators and the negative price momentum, market sentiment appears bearish.

In light of the analysis, the recommendation is to Hold. While the asset is oversold and may present a potential buying opportunity, the prevailing downtrend and the significant decline in price and moving averages suggest waiting for a clearer reversal signal before making any purchase decisions.