"It's a rally driven by use rather than solid fundamentals," said a trader monitoring SOON's recent price action. Over the past 24 hours, SOON surged 14%, defying the broader crypto market where Bitcoin and Ethereum slipped lower. The move was largely fueled by perpetual futures traders on major exchanges Binance and OKX, pushing a wave of buying that quickly caught retail investors' attention.

Data from CoinGlass reveals that on Binance and OKX, the Long/Short Ratio for SOON sits around 1.5 and 1.3 respectively, signaling strong bullish bets among perpetual contract holders. These two exchanges alone accounted for $13.56 million in SOON's perpetual trading volume and held $34.05 million in open interest. Yet, when looking at all centralized exchanges combined, the Long/Short Ratio drops below 1 at 0.96, suggesting a mild short bias across the wider market. Despite that, the funding rates remain positive, meaning longs are paying shorts an indication that bulls are willing to cover fees to keep their leveraged positions open. Still, this setup leaves the door open for a sharp unwind should prices falter.

Retail investors appear to be the main force behind the rally, with data showing a significant drop in whale versus retail dominance. The whale-retail delta hitting negative territory means smaller traders are currently controlling the momentum. This is a double-edged sword since retail traders typically react quickly to price swings, increasing the chance of sudden sell-offs that trigger liquidations. Net spot buying over the last two days reached nearly $98,000, further fueling the rally, but the heavy retail presence makes the gains vulnerable. Traders eyeing SOON should watch funding rates and open interest closely for signs of overheating.

SOON’s recent surge contrasts with broader market caution, as bigger players in the crypto space remain more reserved. This dynamic echoes trends seen in other tokens where retail enthusiasm sparks quick rallies but struggles to sustain without whale support. With leveraged longs dominating, any abrupt shift could lead to sharp corrections. Investors should tread carefully and monitor volume and positioning indicators before jumping in.

This content is for informational purposes only and does not constitute financial advice.