Sonic (S) has increased nearly 7% over the past month and nearly 13% in 14 days. This upward movement is likely to continue if the market maintains its optimistic momentum. However, a significant threat remains.
Sonic leads major blockchains in market activity
Market sentiment is gradually leaning in favor of Sonic (S), as a series of signals indicate strong buying power is 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 reflecting a growing wave of interest in Sonic.
Source: Nansen
The recent price increase of Sonic indicates that most of the new addresses belong to buyers, likely in the process of accumulation as selling pressure remains low. This reflects an increasing confidence in the potential of token S.
Not only that, but activity on decentralized exchanges (DEX) is also reinforcing this positive trend. In the past week, DEX trading volume related to Sonic surged 26%, reaching $788 million - an impressive figure that helps Sonic outpace major names like Avalanche (AVAX), Hyperliquid (HYPE), Aptos (APT), Polygon (MATIC), and Tron (TRX).
The strong growth rate not only promotes the utility and real demand of token S but also attracts a large liquidity flow into the Sonic ecosystem - temporarily putting this blockchain ahead of all competitors in terms of attracting capital.
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. Such a strong cash flow usually indicates accumulation, reflecting solid investor confidence. If this trend continues, it could lead to explosive moves, opening up strong growth opportunities for Sonic in the future.
Top traders on Binance are showing selling pressure
However, another story is being reflected in 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 number that shows selling pressure is significantly increasing within the trading community.
Source: Coinglass
Additionally, signals from the entire market are raising caution. The funding rate weighted by OI (open contracts) is currently at -0.0008% at the time of writing - a subtle but clear bearish indicator.
This index, when 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.
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