Fresh Capital Propels SONIC
Total Value Locked (TVL), which reflects investor confidence, has seen notable progress in recent days. More than $23 million has been injected into protocols on the Sonic blockchain, demonstrating a long-term vision from investors.
Source: DefiLlama
Additionally, on-chain net flow data shows investors have transferred assets from other networks to Sonic to acquire its native cryptocurrency. This influx of liquidity amounting to $832,000 strengthens the token’s short-term position.
Blockchain Activity Remains Limited
Despite price gains, on-chain activity does not reflect this positive momentum. During the rally, the number of active addresses and daily transactions on the chain decreased.
The number of active addresses, which indicates overall network usage, is currently near its yearly low. It’s just 500 addresses away from the 15,200 level. This decline may signal a lack of interest in Sonic.
Similarly, the number of daily transactions has dropped from 27.5 per user in May 2023 to just 18.7 transactions per user currently. This confirms that remaining users are engaging less with the network.
External Enthusiasm Still Hesitant
The off-chain sentiment on centralized exchange platforms also remains mixed. During this period, liquidity movements and momentum behind the rally have been limited. Sonic’s daily trading volume settled at $6.14 million, representing a 32% decrease. Historically, rising prices accompanied by falling volume indicates weak dynamics behind a rally, suggesting a potential correction.
Derivatives data corroborates this trend. Open interest on derivatives increased by only $340,000 in one day, reaching a total of just $23 million. Moreover, position liquidations were less than $200, reflecting low trader interest in Sonic.
How to Buy SONIC on Bitget ?
To invest in SONIC and benefit from the price increase, here’s a practical guide to obtaining it on Bitget :
- Create a Bitget account : Sign up on the website or Bitget mobile app. Complete identity verification (KYC) to access all features.
- Deposit funds : Add fiat currency (EUR, USD) via bank card or SEPA transfer, or use cryptocurrencies like USDT.
- Access the market : In the “Spot Trading” section, select the SONIC/USDT or SONIC/EUR pair to check the current price.
- Place a buy order : Choose a market order to buy immediately or a limit order to set a target price. Indicate the desired amount.
