Unraveling Sonic's Monthly 24% Surge - Essential Insights for Every Investor

Sonic's Rally Amidst Split Market Outlook

Unraveling Sonic's Monthly 24% Surge - Essential Insights for Every Investor

Sonic [S] has experienced a staggering 24% monthly rise, adding another 1.20% in the past day, showcasing a robust bullish trend. Yet, a lurking threat remains in the shadows.

Sonic Rockin' Blockchain's Sockets

The wind of favour has shifted for Sonic, as evidence from several indicators displays strong buy interest in the memecoin. This eagerness is underscored by the growth in addresses over the past fortnight.

Data from Nansen shows a whopping 100% increase in Active Addresses for Sonic, blowing past the 45,000 mark last week.

(Image credit: Nansen)

Price increases during this period indicate that these addresses are likely owned by buyers, who seem to be stockpiling amidst low selling pressure.

Additionally, decentralized exchange (DEX) activity mirrored this upward momentum. The total DEX volume surged by an impressive 26% in the past week to $788 million, pushing Sonic ahead of Avalanche [AVAX], Hyperliquid [HYPE], Aptos [APT], Polygon [MATIC], and Tron [TRX].

A robust presence on DEXs often bolsters S's utility and demand. Fueling this fire even further, Sonic saw a significant liquidity influx, placing it at the helm among every other blockchain.

Artemis data reveals a jaw-dropping Bridged Netflow of $37.1 million — the highest among all blockchains. Capital infusions of such magnitude typically signal incoming accumulation, possibly leading to explosive moves if the stream continues.

Binance Bulls and Bears Roaring at Odds

However, bearish vibes emanated from Binance's top traders, presenting a stark contrast. According to CoinGlass, their Long-to-Short Ratio indicates a higher selling pressure, with a reading of 0.7435 – pointing to elevated selling at press time.

(Image credit: CoinGlass)

Market-wide signals further added to the prevailing unease. The Open Interest Weighted Funding Rate stood at -0.0008% – a subtle yet tangible bearish tilt. This metric assesses derivative markets' directional bias by combining Open Interest and Funding Rates. A negative reading like this suggests increased short positions relative to longs.

1. The bullish trend for Sonic (S) continues, with a 24% monthly rise and a 1.20% increase in the past day, despite a looming threat in the market sentiment.
2. The growth in active addresses for Sonic indicates strong buy interest, with a whopping 100% increase in these addresses over the past fortnight, pushing the count past 45,000.
3. The surge in decentralized exchange (DEX) activity has been impressive, with a 26% increase in the past week, making Sonic one of the top performers in the crypto market.
4. Sonic's presence on DEXs bolsters its utility and demand, and a significant liquidity influx has placed it at the forefront of every blockchain, as evidenced by a Bridged Netflow of $37.1 million.
5. However, signals from Binance's top traders show a stark contrast, as they exhibit higher selling pressure, with a reading of 0.7435 on the Long-to-Short Ratio.
6. Market-wide signals also indicate prevailing unease, as the Open Interest Weighted Funding Rate stands at -0.0008%, suggesting increased short positions relative to longs.

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