Sonic (S) is currently priced at $0.06166, reflecting a significant 24-hour decline of -7.35%. The price has fluctuated between a high of $0.069533 and a low of $0.06048 within the same period, indicating heightened volatility.

The trading volume stands at approximately 30,299,524, representing 12.99% of the market capitalization. The consistent downward trend in moving averages across various periods suggests bearish momentum, with the 55 SMA showing a decline of -7.81%, further reinforcing this trend.

Short-term indicators reveal an extremely low 1-hour RSI of 7, signaling oversold conditions that could lead to a potential bounce. However, the 7-day RSI of 40 indicates that the asset is still in the lower range, with a lack of bullish momentum evident from the 7, 14, and 30-day price changes of -13.99%, -25.49%, and -20.31% respectively.

The market's overall sentiment appears negative, as the asset is significantly below its historical all-time high of $1.029 reached in January 2025. The recent price action and the consistent bearish indicators suggest a lack of buying interest, further supported by the high percentage of volume relative to market cap.

Given the current technical indicators, including the oversold RSI but persistent downtrend in price and moving averages, the recommendation is to Hold. This stance allows for potential recovery if the price stabilizes above the key moving averages, but selling at these levels may not be prudent until clearer bullish signals emerge.