- After weeks of dancing on the moon 💃, Sonic has decided to take a tumble as sellers, like vultures, descend upon the market 🦅.
- Key metrics scream “liquidity is fleeing!” 🏃♀️🏃♂️ as if the market is a runaway train heading towards disaster. 💥
Sonic [S] (formerly FTM), remember that darling of the market? It’s been on a tear lately, climbing higher and higher like a majestic 🚀. Last month alone, it zoomed up 31.11%, and in the past week, it added another 21.75%.
But hold your horses! At this very moment, Sonic has taken a nosedive, plunging 17.22% in the past 24 hours. It seems those bullish tears have dried up! 🤧 This sudden drop is attributed to a flood of liquidity leaving the market and a surge in selling pressure from those pesky derivative market traders 🤔.
Key metrics: A tale of woe 🎻😩
The derivative market is now sending out distress signals, with key metrics pointing towards a gloomy future for Sonic. It’s like a bad omen, my friend. 👻
Open Interest (OI), the number of unsettled derivative contracts, has plummeted 19.44% to $114.13 million. This suggests that people are closing their positions faster than you can say “HODL!”
Adding fuel to the fire, trading volume has skyrocketed 49.77% to $795.48 million. It’s like everyone is trying to get off the sinking ship! 🛳️
And if that wasn’t enough, liquidation data shows that both buyers and sellers are taking a beating. The segment with the most losses? The long positions, which means the market is heading south faster than a penguin in a blizzard 🐧❄️.
At this very moment, over $1.4 million has been liquidated, with long positions losing a whopping $1.32 million. Short contracts, on the other hand, have only lost a measly $81.05 thousand. Talk about a slippery slope! 🐍
With the long positions bleeding, it seems the market is on a downward trajectory. Don’t expect a turnaround anytime soon until those key metrics start looking a little less bleak.
Liquidity outflow: The great escape 🏃♂️🏃♀️
Liquidity is fleeing the Sonic market faster than you can say “blockchain breakdown.” Total Value Locked (TVL), which measures the amount of assets deposited into various protocols within the ecosystem, has been steadily declining. 📉
As of right now, TVL has dropped from a high of $736.04 million on February 24th to a current level of $694.
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2025-02-26 05:13