In this SOON surge, the liquidations cleared a batch of small short orders, yet the price didn’t hold.
From 13:30 to 13:35 Beijing time, Binance and OKX both surged from 0.43 to 0.449, which was the day’s high. In these 5 minutes, Binance’s spot trading volume was $5.44 million; normally it’s under $1 million per 5 minutes.
At the same time, liquidations wiped out more than 160 short positions, totaling over $280,000, with an average of under $1,800 per trade. The largest single position was only $14,000, which occurred on OKX. Those that were liquidated were basically small-position, high-leverage shorts; big players weren’t really hurt.
After the push, it immediately headed downward. By 14:20 the price had returned to 0.425, a bit lower than before the rally. The shorts were forced out, and the longs who chased at 0.44 above are now actually losing money.
Watching SOON all day and it even went up about 40%. Starting from 0.30, the total online positions added 57% in a single day. New money is still pouring in—this kind of back-and-forth sweep market will most likely continue.
At this level, do you dare to chase a long, or wait for a pullback?
Check in real time: https://www.coinboss.com/zh/liquidations/SOON