Sonic (S) has increased nearly 7% over the past month and nearly 13% in the last 14 days. This upward movement is likely to continue if the market maintains optimistic momentum. However, a significant threat still looms.
Sonic leads major blockchains in market activity
Market sentiment is gradually shifting in favor of Sonic (S), as a series of signals indicate that buying power is significantly increasing. Growing interest from investors is clearly reflected in the surge of active wallets recently.
According to data from Nansen, the number of active addresses with this memecoin has doubled in just the past week, surpassing 45,000 – a notable figure that reflects a strong wave of interest in Sonic.
Source: Nansen
The recent price increase of Sonic indicates that most new addresses belong to buyers, likely in the accumulation phase as selling pressure remains low. This reflects a growing belief in the potential of the S token.
Not only that, activity on decentralized exchanges (DEX) is also reinforcing this positive trend. Over the past week, trading volume related to Sonic on DEX surged by 26%, reaching $788 million – an impressive figure that helps Sonic surpass major names like Avalanche (AVAX), Hyperliquid (HYPE), Aptos (APT), Polygon (MATIC), and Tron (TRX).
Strong growth momentum not only boosts the utility and actual demand of the S token but also attracts significant liquidity into the Sonic ecosystem – temporarily placing this blockchain ahead of all competitors in terms of attracting cash flow.
Source: Artemis
Based on data from Artemis, Sonic's Bridged NetFlow indicator has surged to $37.1 million – the most impressive figure among all current blockchains. Strong cash inflow at such a scale is typically a sign of accumulation, indicating solid investor confidence. If this trend continues, it could lead to explosive movements, opening up strong growth opportunities for Sonic in the future.
Top traders on Binance show selling pressure
However, a different narrative is being reflected through the sentiment of top traders on Binance. Data from CoinGlass shows that the Long-Short ratio of these traders is leaning towards a strong selling trend.
The Long-Short ratio is an indicator that shows the dominance between buying and selling activity, with a value below 1 indicating that selling is prevailing. At the time of writing, this ratio for top traders on Binance is 0.7435 – a figure that indicates strong selling pressure is increasing within the trading community.
Source: Coinglass
Additionally, signals from the overall market are raising caution. The funding rate weighted by OI (open interest) is currently at -0.0008% at the time of writing – a subtle but clear bearish indicator.
This index, combining OI and Funding Rate, helps measure the overall trend of the derivatives market. A negative value indicates a trend leaning towards Short positions, reflecting a stronger bearish sentiment compared to Long positions.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.
