SOON Crypto Surges 14% Amid Leveraged Trading and Retail Dominance

SOON's crypto surged 14% over the past 24 hours, outperforming Bitcoin and Ethereum in the process. The rally was largely driven by perpetual traders on Binance and OKX, who provided much of the buying pressure.

Data from CoinGlass shows that these exchanges 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.

The positive funding rate for SOON suggests that bullish traders were willing to pay periodic fees to maintain their leveraged positions. However, this also leaves the market vulnerable to an overleveraged unwind if further increases in open interest and funding rates occur.

Spot demand has supported the rally over the past 48 hours, with net buying reaching $97,920 and total buying standing near $1.84 million during that period. Nevertheless, retail dominance of the rally leaves it exposed to a quick sell-off if whales were to enter the market.