SOON has gained 14% over the past 24 hours, outperforming a broader market where Bitcoin and Ethereum traded lower, according to AMBCrypto. The latest rally appears largely leverage-driven, with perpetual traders supplying much of the buying pressure. However, the move remains vulnerable to a reversal due to uneven positioning and retail dominance in the market structure.
Binance and OKX have played the key role in driving the surge, with both exchanges accounting for $13.56 million in SOON's perpetual trading volume, as reported by AMBCrypto. The Long/Short Ratio stands at 1.5 on Binance and 1.3 on OKX, reflecting stronger bullish positioning among traders on these exchanges. Together, these platforms hold the two largest Open Interest positions, collectively valued at $34.05 million. However, the aggregate Long/Short Ratio across centralized exchanges stands at 0.96, indicating a slightly broader short bias.
Despite the bearish aggregate positioning, SOON's positive Funding Rate shows that long traders are paying shorts, suggesting that bullish traders are willing to pay periodic fees to maintain their leveraged positions, according to AMBCrypto. However, this condition typically occurs when investors anticipate further upside in the short-to-near term. The market still holds the tendency for a flip to the bullish side, with the current Funding Rate reading suggesting long positions remain in control despite recent selling pressure. Further increases in Open Interest and Funding Rates could leave the market vulnerable to an overleveraged unwind.
Retail investors now dominate the SOON rally, with the whale-retail delta falling significantly to -0.039, which points to this group holding heavy control over the market, as confirmed by AMBCrypto data. The risk here is that this group may sell at the slightest opportunity, flipping long positions to short and triggering significant liquidations across the market. The sustainability of the rally 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. While the market leans bullish, traders should approach it with caution given this retail dominance.
Spot demand supported the rally over the previous 48 hours, with net buying reaching $97,920 and total buying standing near $1.84 million during this period, according to AMBCrypto. However, the broader weekly performance tells a different story, as SOON has climbed 35% over the past seven days, suggesting the market may be in a corrective phase rather than a sustained downtrend. The asset's capital base is shrinking across both perpetual and Spot markets, with bears maintaining full control of the market despite the recent rally momentum.
