Sonic Labs announces 13M S token deal as S price drops nearly 6%

Sonic Labs has announced plans to move approximately 13 million S tokens under a strategic over-the-counter agreement as the cryptocurrency trades near $0.053 following a daily decline. Sonic Labs has announced plans to transfer approximately 13 million S tokens under a strategic OTC agreement. The expected movement will take place within 24 to 48 hours, involving an undisclosed long-term partner. Sonic futures open interest declined 13.35% to $31.44 million, alongside a 29.54% drop in derivatives volume. S traded near $0.053, with immediate support at $0.052 and resistance around $0.060. In a statement posted on its official X account, Sonic Labs said the transfer would take place over the next 24 to 48 hours and involve a long-term partner expected to help the network reach users across the counterparty's existing network.

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