SOON [SOON] crypto gained 14% over 24 hours, outperforming a broader market where Bitcoin [BTC] and Ethereum [ETH] traded lower.

The rally appeared largely leverage-driven, with perpetual traders supplying much of the buying pressure. However, uneven positioning and retail dominance left the move vulnerable to a reversal.

Why is SOON price rising?

Data from CoinGlass shows perpetual market traders on the top cryptocurrency exchanges Binance and OKX have played the key role in driving the surge.

A Long/Short Ratio above 1 indicates a long bias, while a reading below 1 favors shorts.

At press time, the ratio stood near 1.5 on Binance and 1.3 on OKX. Both readings reflected stronger bullish positioning among traders on these exchanges.