Sonic, formerly known as Fantom, approved a $150 million expansion strategy to enter the US market. The proposal, backed by 99.99% of participants, includes a $50 million ETF initiative, a $100 million investment program, and the creation of Sonic USA in New York City.

By issuing 150 million new S tokens, Sonic aims to compete with rivals that control 50%-90% of their supply. The plan involves launching a US-regulated ETF with custody by BitGo and locking S tokens for three years through a PIPE structure.

Sonic’s nearly unanimous vote for the expansion plan signals strong community support. The token is trading around $0.31, with potential targets at $0.42 and $0.50 if momentum builds around ETF progress.

Traders should closely monitor the $0.34-$0.35 resistance level. Failure to hold support near $0.29 could lead to a retest of $0.26, with further downside risk toward $0.22. Market indicators show a coiled market awaiting direction.

Read more at Yahoo Finance: Sonic (S) Approves $150M Token Issuance for Groundbreaking US ETF Goals