SOON [SOON] crypto gained 14% over 24 hours, outperforming a broader market where Bitcoin [BTC] and Ethereum [ETH] traded lower.
The rally appeared largely leverage-driven, with perpetual traders supplying much of the buying pressure. However, uneven positioning and retail dominance left the move vulnerable to a reversal.
Why is SOON price rising?
Data from CoinGlass shows perpetual market traders on the top cryptocurrency exchanges Binance and OKX have played the key role in driving the surge.
A Long/Short Ratio above 1 indicates a long bias, while a reading below 1 favors shorts.
At press time, the ratio stood near 1.5 on Binance and 1.3 on OKX. Both readings reflected stronger bullish positioning among traders on these exchanges.
Together, Binance and OKX accounted for $13.56 million in SOON’s perpetual Trading Volume. They also held the two largest Open Interest positions, collectively valued at $34.05 million.
However, the aggregate Long/Short Ratio across centralized exchanges stood at 0.96, indicating a slightly broader short bias.
Do Funding Rates support SOON crypto?
Although aggregate positioning leaned slightly bearish, SOON’s positive Funding Rate showed that long traders were paying shorts.
This suggested that bullish traders were willing to pay periodic fees to maintain their leveraged positions.
However, the reading did not prove that most of SOON’s $41.82 million Open Interest represented long contracts. Further increases in Open Interest and Funding Rates could leave the market vulnerable to an overleveraged unwind.
On top of that, Spot demand supported the rally over the previous 48 hours. Net buying reached $97,920, while total buying stood near $1.84 million during the same period.
Retail dominance leaves SOON’s rally exposed
The rally’s sustainability hinges on who dominates between whales—who control large capital and tend to hold for much longer—and retail investors, who are quick to sell.
Data confirms retail traders have driven much of the SOON rally over the past 24 hours, as the whale-retail delta fell significantly to -0.039, which points to this group holding heavy control over the market.
The risk here, however, is this group may sell at the slightest opportunity, flipping long positions to short and triggering significant liquidations across the market. Overall, while the market leans bullish, traders should approach it with caution.
Final Summary
- SOON’s 14% climb was powered largely by leveraged perpetual traders on Binance and OKX, which together hold the two largest open interest positions at a combined $34.05 million.
- Retail investors now dominate the rally, with the whale-retail delta at -0.039, leaving the move vulnerable to a quick sell-off.
