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Andre Cronje, the former CTO and board member of Sonic Labs, has resigned. Two other founding members of Sonic, Michael Kong and David Richardson, are also stepping down. The reshuffle lands while S sits about 91% below its January 2025 peak, reviving questions over whether it has bottomed. Matt Visser becomes the second chief executive in nine months.
Sonic (S) Token Price Performance. Source: BeInCryptoCronje and Co-founders Hand the Board to VisserSonic Labs framed the exits as an orderly handover. Kong, Cronje, and Richardson remain invested in Sonic’s success but will no longer make business decisions, per the team’s announcement. As of now, it’s unclear whether or not they will retain financial stakes in the organization.
The change caps a turbulent year in the C-suite. Sonic named Mitchell Demeter CEO last September to court institutional money, then lost him by February, leaving the founding board to run operations.
Cronje built much of decentralized finance (DeFi) and left those projects abruptly in 2022. He has lately turned to Flying Tulip, a new exchange he is raising money to build.
S Token Tests New Lows as Deposits FleeThe market reaction has been harsh. S recently traded around $0.029, down about 6% in 24 hours and roughly 37% over the past month. It has fallen close to 91% this year.
The slide has cut Sonic’s value to about $111 million, ranking it near 250th. The token sits just above the record low it set on June 6, far below its $1.03 high from January 2025.
The capital flight runs deeper than price. Sonic, which grew from Fantom’s rebrand to Sonic, once hit $1 billion TVL within months of launch.
Total value locked has since collapsed to about $18 million, DefiLlama shows. That is a drop of roughly 98% from a 2025 peak above $1.1 billion.
Sonic TVL. Source: DefiLlama “Woke up today to read about Andre Cronje resigning from Sonic Labs board. Checked CoinGecko and see that token is down 90% in last 1 year. Market cap $116m. So many projects are struggling so much this bear market. Tough year, but probably we haven’t bottomed yet unfortunately,” commented Bobby Ong, co-founder of CoinGecko.
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Sonic Promises a Reset as Critics Question TimingStill, not everyone accepted the framing. Critics argue that stepping back during a downturn erodes trust.
Worst possible timing.
You don't leave a project in this condition and call it leadership.
At this point, people are right to ask whether Sonic was just another stop before the next shiny opportunity.
This is a dangerous way to erode trust, and it rarely ends well.$S https://t.co/po2TfXQdko
— Nimesh (@NimeshOnchain) June 20, 2026 Sonic insists its survival does not hinge on the token. The team says it carries no venture capital, unlocks, and funds development from a diversified treasury, giving it runway regardless of price.
Management also points to steady output, claiming 400 pull requests merged this year, two releases shipped, and a private testnet running for version 2.2.0.
Visser set expectations modestly, not promising a quick rebound.
“I am not here to promise an instant turnaround. I am here to make Sonic 1% better every single day and let that compound. Show up, do the work, prove it in public, repeat,” read an excerpt in the announcement, citing Matt Visser, Sonic CEO.
Could that discipline help steady the S token?
Sonic (S) Falls 40% In A Month as RSI Flashes Fresh Sell SignalThe Sonic price has slid back toward the record low it set earlier this month. Momentum indicators have turned sharply negative.
S now sits below every major moving average, with sellers firmly in control. Buyers have shown little appetite to defend current levels.
Sonic Price Outlook. source: TradingViewMomentum points to week demand, with the Relative Strength Index (RSI) sitting at 32.50, just above oversold territory and beneath its 33.25 signal line.
The chart marks this crossover as a fresh sell signal, given that every time the RSI crossed below the signal line in the recent past, the price extended the fall.
The reading echoes the mixed signals from a recent volume surge. An RSI reclaim of 40 would hint that selling is cooling.
Now, the S price prediction hinges on a $0.028 floor, as the Sonic token’s value remains pinned beneath a descending trendline and the 20-day EMA at $0.033.
A daily close under the $0.028 support could trigger a retest of the $0.0277 record low, roughly 5% lower.
Reclaiming $0.033 would invalidate the bearish setup. Longer-term forecast models stay cautious.
The Fantom Opera shutdown on June 30 may add volatility as holders finish migrating.
Since launch, Sonic has become the home of the ecosystem – users, builders, liquidity, and validators have all made the move.
With that transition complete, Fantom Opera will be retired on June 30, 2026.
The Fantom Opera network will cease operation at 5:00 PM GMT on June 30,… pic.twitter.com/VrKRlO1FKU
— Sonic (@SonicLabs) April 7, 2026 A hold above $0.028 keeps a rebound alive, while a break below confirms the downtrend.