Whales Are Back! Sonic DEX Volume Soars – What’s Next? 🐋💰

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  • In a most astonishing turn of events, whale netflows have surged by a staggering 1,170% in just seven days, indicating a rather aggressive accumulation near the $0.316 support. Who knew whales could be so… enthusiastic?
  • Meanwhile, DEX volume has risen by 16.97% weekly, yet a staggering 96% of holders remain underwater. It seems the sell pressure is as scarce as a good cup of tea in a Russian winter!

Ah, Sonic [S], that elusive creature, has been languishing near the $0.316 support level for days, forming what one might call a potential double bottom setup. The network’s Total Value Locked (TVL) has consolidated above the impressive sum of $2 billion. Quite the feat, wouldn’t you agree?

This level has held firm since late April, despite the broader market’s dramatic pullbacks. The current chart structure reflects a phase of consolidation, not capitulation. A break above the downtrend resistance could confirm a reversal, attracting capital that has been sitting on the sidelines, perhaps sipping tea and contemplating life. If momentum strengthens, the next upside test would be at $0.409. How poetic!

Momentum for bulls?

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Smart accumulation starts

Spot market data revealed a delightful $4.13 million in inflows versus $3.55 million in outflows on the 17th of June. A veritable feast of numbers!

While netflows remained neutral, recent sessions have shown a tendency for accumulation on dips, with outflows dominating during minor rallies. This behavior signals a cautious investor, yet it also reflects a certain confidence in S’s structural support. The absence of major sell-offs near the $0.316 floor further reinforces its validity as a key level. Quite the sturdy foundation!

Thus, the subdued spot outflows suggest positioning ahead of a potential upward breakout. Fingers crossed!

Have whales finally returned?

Large holders have increased their exposure significantly, with a 1,170% netflow spike over the past week. This abrupt rise indicates aggressive whale accumulation, likely in anticipation of a reversal from current lows. It’s almost as if they’ve been waiting for the right moment, like a cat eyeing a particularly juicy mouse.

Historically, such movements precede sharp rallies—especially when technical setups align with fundamentals. With Sonic still trading below key resistance and whales stepping in with gusto, this accumulation phase could mark the early stages of a trend reversal. How thrilling!

Suppressed sentiment sets the stage

On-chain metrics reveal that a staggering 96.61% of Sonic holders are out of the money at press time, with only 3.27% holding a profitable position. This overwhelming imbalance implies a certain pessimism across the market. A rather gloomy outlook, wouldn’t you say?

However, it also creates a favorable setup—there’s limited short-term profit-taking pressure and high upside potential if resistance levels break. Suppressed sentiment often breeds unexpected volatility, especially when catalysts like whale accumulation and rising DEX volume enter the equation. A recipe for excitement!

Can Sonic see a breakout rally?

Sonic has shown multiple signals of a potential bullish turnaround at the time of writing, with strong whale accumulation, rising DEX activity, and a solid $2B TVL base. Price action has respected the $0.316 level, forming a double bottom structure. With 96% of holders still underwater, the breakout potential remains high if resistance breaks. How thrilling!

The convergence of technical and fundamental strength could trigger a shift in market sentiment and ignite a sustained upside rally. One can only hope for a brighter tomorrow!

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2025-06-18 04:29