SOON [SOON] has stayed on the bearish side of the market as capital continues to shrink across its markets. Over the past 24 hours, the asset recorded a 15% outflow in a single day, which suggests bears hold full control of the market.
The present outlook leans bearish, yet it tells only part of the picture, since the asset has climbed 35% over the past seven days – a move that could imply the market sits in a corrective phase.
AMBCrypto gathered market insights to see which side of the market dominates.
SOON’s capital base is draining across segments
A massive capital shrink across the perpetual and Spot markets for SOON has largely sparked the outflow seen over the past day.
The declining Open Interest in the perpetual market offered one of the clearest signals. According to the analysis, CoinGlass reported a capital outflow reaching $58 million in the perpetual market over the past day, with the netflow showing a net outflow of $1.85 million within the same period.
The Spot market shed a large amount of capital across the same window, where the netflow recorded roughly $306,000 sold. This selling pattern has emerged as a strong theme in the perpetual market so far.
Data shows heavier selling across the Spot market over the past 10 days as investors take more profit while the asset climbs in price.
A shrinking capital base across the Spot and perpetual markets simply places SOON at risk of an extended decline unless fresh capital enters to spark demand.
Binance traders keep stacking the long side
The market difficulties have not stopped Binance traders from accumulating more buy-side volume in the perpetual market.
CoinGlass reported the Long/Short Ratio, which tracks whether volume in the perpetual market tilts toward longs or shorts, and it confirmed Binance top traders holding more buy volume across both accounts and positions.
The Long/Short Ratio reads above 1 when buying volume runs high, and short volume dominates when the reading falls below 1.
Across Binance, both top and retail traders currently position themselves long, and Binance controls the most volume and Open Interest at $50.83 million and $10.02 million, respectively.
The overall Long/Short Ratio in the market, however, has skewed further toward the bearish side, with the reading plummeting to 0.98, a slight sell-volume edge short traders hold over the longs across the past 24-hour window.
The market still holds the tendency for a flip to the bullish side regardless of the present outlook.
Funding Rate still favors the bulls
The Funding Rate, which measures whether capital in the perpetual market falls largely under long or short positions, shows the former in control.
With a reading of about 0.0050%, it implies the majority of the $40.16 million in the market’s perpetual contracts skews in favor of the longs.
This condition usually occurs when investors, despite the downside in the market, anticipate further upside in the short-to-near term, and given the rising buy volume from key exchanges like Binance, a flip carries a high chance of playing out.
Final Summary
- Capital is draining fast from SOON, with a 15% single-day outflow and $58 million pulled from the perpetual market.
- The bigger picture is not all bearish, as SOON is still up 35% on the week, and Binance’s top traders are leaning long.
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