Sonic (S) has recently attracted quite a bit of attention. Its price surged over 8% in the past hour, mainly supported by strong buying volume. From a technical perspective, the MACD has shown a bullish crossover, which typically indicates a clear upward momentum.

More interestingly, Sonic's tokenomics has undergone an adjustment. The project team decided to discontinue the previous widespread airdrop model and instead use 92.2 million S tokens for targeted incentives or burns. This change is quite significant — in theory, it can reduce future selling pressure and is a positive sign for long-term price support. Additionally, from a structural standpoint, the token has cleared excess supply, and there have been no large-scale institutional unlock events recently, making the overall fundamentals appear relatively solid.

However, high enthusiasm often comes with risks. S's RSI is now at 93.06, which is a clear sign of overbought conditions. The price has already broken above the Bollinger Bands, which usually suggests that the upward move might be overextended. A short-term pullback to the moving averages is quite reasonable.

Volatility also warrants attention — ATR and standard deviation have recently risen significantly, indicating increased market fluctuations. In such an environment, the price could experience rapid swings.

The community's reaction to this strategic shift has been positive; many see the move from broad airdrops to targeted incentives as beneficial for building long-term value. But caution is still necessary, especially when the technical indicators are so exuberant.