Sonic [S] joined the list of crypto assets to have recorded double-digit percentage gains over the past day, as bullish sentiment and demand have gradually taken hold across the market over the past week.
A blockchain-level development that supports Bundle Transactions could be one of the major contributors to Sonic’s rally.
According to the announcement, this upgrade would cut down the different stages of approval required for transactions. This allows users to group multiple transactions into a “single atomic execution” and process them at once.
Users may have picked up on this
The upgrade drove on-chain activity higher, with transactions across decentralized exchanges pushing DEX volume to one of its highest levels in about two months.
DEX volume surged to over $2.46 million, according to DeFiLlama. This recent high in volume was last recorded roughly two months ago, on the 28th of June.
In fact, the recent surge puts volume more than ten times above its monthly low on the 15th of August, when volume declined to $241,000. Growing volume activity adds to the positive sentiment that has benefited the protocol.
While DEX activity is on the rise, total value locked has barely increased, with a one-day increment of just $770,000.
Although this indicates sustained interest, continued daily inflows from here would play a major role in confirming the bullish presence. At the time of writing, Sonic’s TVL stood at $17.22 million.
Perpetual flow fuels the market
As on-chain capital and volume grew, underlying activity across the perpetual market also remained high, supporting a bullish outlook.
The Open Interest-Weighted Funding Rate shows that there are more long positions in the market, with the funding rate reading 0.0021% while trending upward.
This suggests that traders have concentrated most of the $22.73 million in open interest in long positions as they expect Sonic to rise further.
In addition, volume activity across key exchanges has been extremely high, with Binance’s Taker Buy Ratio dominating with a reading of 3.1.
When the ratio is above 1, buyers are leading, and the farther it moves above 1, the more aggressively buyers are trading.
For now, the outlook remains bullish, with a high chance that the price will continue its upward swing.
Final Summary
- Sonic’s Bundle Transactions upgrade coincided with DEX volume rising above $2.46 million, its highest level in roughly two months.
- Perpetual market data remains bullish, with $22.73 million in Open Interest and a rising 0.0040% funding rate favoring long positions.
