SOON's 14% Rally on Binance and OKX Leaves Market Vulnerable

The cryptocurrency SOON has seen a significant surge in price over the past 24 hours, gaining 14% and outperforming other major cryptocurrencies like Bitcoin and Ethereum.

This rally appears to be largely driven by leveraged perpetual traders on exchanges Binance and OKX, with data from CoinGlass showing that these traders have been responsible for much of the buying pressure.

The Long/Short Ratio on both exchanges is above 1, indicating a strong bullish bias among traders, although the aggregate ratio across centralized exchanges is slightly below 1, suggesting a broader short bias.

However, SOON's positive Funding Rate suggests that long traders are willing to pay periodic fees to maintain their leveraged positions, which could leave the market vulnerable to an overleveraged unwind if Open Interest and Funding Rates continue to increase.