What's Behind the Sharp Rise in SOON?
In the SOON chart, we see a very sharp upward breakout, especially in the recent period, following a long consolidation in the $0.18-$0.20 range. The price quickly rose from approximately $0.18 to $0.2967, a movement of over 60%. Moreover, the formation of a long wick testing the $0.3147 resistance level on the daily candle indicates the presence of significant sell orders in this area.
One of the most important developments that could explain this movement is the unlock of 20.24 million SOON tokens on September 23rd. This amount represented approximately 3.6% of the circulating supply. The fact that the price rose strongly again after this unlock, which initially created selling pressure, suggests that the market may have absorbed the selling pressure.
Besides this, the core story of SOON continues. The project runs on an SVM-based rollup infrastructure on Ethereum, BNB Chain, and Base; The TON-Solana connection via InterSOON is also active. This multi-L1 approach is one of the factors that could provide speculative demand for SOON, especially if the SVM narrative regains interest.
CMC's September 26th analysis also states that there is no specific confirmed factor for the uptrend and that the movement may have been strengthened by low speculative flows. Therefore, it may be more accurate to evaluate the current movement due to decreased selling pressure after the unlock, low liquidity, a technical breakout, and speculative transactions.
On the chart, $0.3147 is a critical resistance. A daily close above this region could strengthen the continuation of the breakout; however, a rejection from here could lead to profit-taking towards the $0.25-$0.26 and then the $0.20-$0.22 region. Especially given the high Binance volume on the chart, it should be considered that the movement may have been amplified not only by spot demand but also by leveraged trading. $SOON #SOON
In the SOON chart, we see a very sharp upward breakout, especially in the recent period, following a long consolidation in the $0.18-$0.20 range. The price quickly rose from approximately $0.18 to $0.2967, a movement of over 60%. Moreover, the formation of a long wick testing the $0.3147 resistance level on the daily candle indicates the presence of significant sell orders in this area.
One of the most important developments that could explain this movement is the unlock of 20.24 million SOON tokens on September 23rd. This amount represented approximately 3.6% of the circulating supply. The fact that the price rose strongly again after this unlock, which initially created selling pressure, suggests that the market may have absorbed the selling pressure.
Besides this, the core story of SOON continues. The project runs on an SVM-based rollup infrastructure on Ethereum, BNB Chain, and Base; The TON-Solana connection via InterSOON is also active. This multi-L1 approach is one of the factors that could provide speculative demand for SOON, especially if the SVM narrative regains interest.
CMC's September 26th analysis also states that there is no specific confirmed factor for the uptrend and that the movement may have been strengthened by low speculative flows. Therefore, it may be more accurate to evaluate the current movement due to decreased selling pressure after the unlock, low liquidity, a technical breakout, and speculative transactions.
On the chart, $0.3147 is a critical resistance. A daily close above this region could strengthen the continuation of the breakout; however, a rejection from here could lead to profit-taking towards the $0.25-$0.26 and then the $0.20-$0.22 region. Especially given the high Binance volume on the chart, it should be considered that the movement may have been amplified not only by spot demand but also by leveraged trading. $SOON #SOON
