Sonic activity surges 89% – Will price catch up or stall again?

Key Points

1. Sonic's active addresses increased by 89% in seven days, indicating heightened network engagement, possibly driven by new dApps or incentive programs.

2. Despite on-chain growth, Sonic's price fell by 7.08% to $0.3411, with a $495.89K outflow from centralized platforms, suggesting accumulation or exit liquidity.

3. Whale activity declined by 30.79%, and Open Interest dropped by 14.69% to $112.04M, signaling reduced trader confidence and potential profit-taking or exits.

4. The Stochastic RSI shows overbought conditions (77.71), with key resistance at $0.379; holding above $0.296 is critical for maintaining bullish momentum.

5. Taker-sell pressure dominates, and weakening market conviction, including whale withdrawals and falling Open Interest, challenges Sonic's ability to sustain upward price movements.