Sonic (S) is currently trading at $0.108843, reflecting a 24-hour decline of 2.56%. The price has encountered resistance at the daily high of $0.114035 and support at the low of $0.108936, indicating a tight trading range of approximately 0.0051%.

Volume stands at 40,770,914, with a volume-to-market cap ratio of 9.85%, suggesting moderate trading activity relative to its market capitalization. The hourly moving averages present a bearish trend, with the 8 SMA at $0.1110 showing a decline of 1.92%, and longer-term averages confirming consistent downward pressure.

The 1-hour RSI at 17 indicates that the asset is significantly oversold, while the 7-day RSI of 53 suggests that it is entering neutral territory, providing a mixed outlook. Over the past week, Sonic has seen a price drop of 4.78%, with a steeper decline of 18.85% over the last two weeks, indicating ongoing negative momentum.

Looking at the 30-day price performance, Sonic has depreciated by 32.43%, further confirming the bearish sentiment. The all-time high of $1.029, reached on January 4, 2025, highlights the potential for recovery, but current price levels are substantially below this mark.

Given the oversold conditions indicated by the 1-hour RSI, there may be a short-term opportunity for a bounce; however, the overall trend remains bearish due to the sustained downward movement in both short and long-term averages. Thus, a cautious approach is warranted, and I recommend a Hold rating on Sonic (S) as market conditions do not support a Buy at this time.