Source-side sensing techniques described herein determine the data value stored in a memory cell based on the difference in current between the read current from the source terminal of the memory cell and a sink current drawn from the read current. The sink current is drawn in response to a magnitude of an operating voltage between first and second nodes. During a first time interval, the operating voltage is set in response to a magnitude of the reference current using a feedback path. During a second time interval following the first time interval, the operating voltage is held independent of the feedback path. The data value stored in the memory cell is determined based on a difference in current between the read current and the sink current during the second time interval.