Sonical balls after a 17 % decrease – however, the use of the network is late star-news.press/wp

Main meals

Sonic has seen an increase in the price after more than $ 23 million in TVL and Netflows positive. However, the potential of sustainable boom is not fully consistent with the recent gains.

Last day, Sonic (S) emerged as one of the best performance artists in the market, achieving a 10 % profit – a sharp transformation of the 17 % decrease that I recorded earlier.

Ambrypto analysis found that although the broader market remains optimistic, feelings through the main standards are not in full alignment, leaving room for a possible decline. Here is how the situation can play.

S: Liquidity grows

Locked (TVL), which formulate the investor confidence in assets, has taken a major shift as investors adopt a long -term look.

Over the past day, this group of investors added 21.05 million dollars from S to protocols on the Sonic series, according to it. Deville.

Source: Devillama

This flow indicates that the money has been locked, and it is a sign that the dominant feelings tend to estimate prices in the long run.

In addition, the Netflow series data, which measures the liquidity that moves inside and outside the network, shows that investors have brought the assets from other chains to Sonic to get the original distinctive symbol.

As of now, $ 832,000 has been added to the chain, enhancing liquidity position at the current levels.

Activity on the chain is not held

The activity on the chain does not match the last Sonic price gains. At the time of the assembly, both the active headlines and daily transactions decreased on the chain.

Active headlines usually indicate the use of the wider network and the increasing benefit of the distinctive symbol, which is often associated with demand.

Source: Artemis

Currently, the number of active titles has decreased to 15700 – 500 titles only from the lowest annual level of 15200, a level of coincidence previously with low prices.

Likewise, daily transactions decreased. At the time of writing this report, the transactions reached 294,800, confirming that the remaining users are participating less.

There were 18.7 transactions on average for each user, compared to 27.5 per user in May 2023, when the price activity increased significantly.

Feelings outside the series are still weak

Feelings outside the chain on the central stock exchanges are still weak. During this period, the liquidity movement and momentum behind the gathering were small.

For the context, the SONIC daily trading volume reached 6.14 million dollars – a 32 % decrease.

Historically, the increase in the price with a decrease in size indicates twice the momentum behind the assembly, indicating a possible withdrawal.

Source: Coinglass

Open interest data from Coinglass This trend also confirms. The total liquidity in the derivatives is only 23 million dollars, with the addition of only $ 340,000 last day.

The liquidation data shows that traders have removed less than $ 200 from the centers from the market, which reflects the morale of weak derivatives and little attention in Sonic.

If this trend continues to feel in the series and outside the series during the week, Sonic may face the opposite of the gains it recorded during the past day.