Sonic’s S token jumps 16% amid Coinbase listing announcement

Sonic’s native token, S, has jumped 16% in the past 24 hours to trade at $0.3208, buoyed by news that Coinbase will list the asset.

Coinbase Assets announced on June 23 that support for Sonic (S) will go live “on or after 9AM PT on June 24” across Coinbase and Coinbase Exchange. Trading for the S-USD pair will launch in phases once liquidity conditions are met, and transfers will only be supported on the Sonic network.

Market activity immediately increased as a result of the announcement. Sonic’s trading volume surged sharply, rising more than 76% to $266.6 million. According to Coinglass data, open interest has increased by 9.57% to $25.47 million.

The rise in open interest indicates greater speculative interest and possible upside conviction, even though the volume of derivatives stayed largely unchanged. Despite the recent gains, S remains nearly 30% lower over the past month and still sits 68% below its all-time high of $1.03 recorded in January 2025.

A Coinbase listing typically translates into greater accessibility and broader market appeal, especially for retail users who prefer fiat onramps. In addition, it boosts liquidity and generally strengthens the credibility of the project.

SonicStrategy chief executive officer Mitchell Demeter commented that the listing may open doors to institutional inclusion, with S potentially being considered for managed portfolios and custodial products. That credibility may be further strengthened by Sonic’s expanding ecosystem.

Sonic recently kicked off its Season 2 airdrop on June 18, distributing $82 million worth of S tokens to active community members, including Sonic Point holders, NFT minters, and Sonic Arcade users. The initiative aims to increase token distribution and user activity. 

On June 19, the Sonic network also merged with the decentralized finance aggregator 1inch, enabling low-cost swaps and cross-chain transactions. More Sonic users can now join 1inch’s well-established DeFi platform thanks to the move.

From a technical perspective, the S token is showing tentative signs of recovery following weeks of steady decline. The price is currently testing the middle Bollinger Band around $0.338 after rising from recent lows around $0.25. If price breaches this level with high volume, it could indicate trend confirmation.

Momentum indicators are also beginning to change, with the MACD now positive. The 10-day moving averages have turned supportive, but the 20- to 50-day averages still serve as resistance to the general trend. Although the relative strength index has moved out of oversold territory and reached 41.8, it has not yet entered bullish territory.

If the Coinbase listing encourages more inflows and retail participation, S may attempt to break through resistance at $0.34 and potentially move toward $0.42, a level last seen in May. The token might, however, retrace toward $0.29 or lower if it is unable to hold onto its current level, especially if post-listing enthusiasm wanes or overall market weakness persists.