SOON Price Rally May Be Vulnerable to Sell-Off Amid Retail Dominance
$SOON's price surge of 14% over the past 24 hours has raised questions about its sustainability. According to data from CoinGlass, the rally was largely driven by perpetual traders on Binance and OKX, who hold the two largest open interest positions at a combined $34.05 million.
The Long/Short Ratio on these exchanges stood near 1.5 on Binance and 1.3 on OKX, indicating a strong bullish bias among traders. However, the aggregate Long/Short Ratio across centralized exchanges was slightly bearish, at 0.96.
A positive Funding Rate also suggested that long traders were willing to pay periodic fees to maintain their leveraged positions. But this could leave the market vulnerable to an overleveraged unwind if Open Interest and Funding Rates continue to increase.