SOON drops 26% ahead of unlock – Traders, a deeper slide ahead IF…
SOON’s next move may hinge on its support band as unlock fears spread through the market.
Key Takeaways
Why are traders selling SOON early?
Negative Funding Rates and a $6.29 million liquidity exit show bearish positioning rising ahead of the $31 million unlock.
What levels matter now for SOON?
A break below $1.94 could extend the downtrend, while holding this zone may steady the price temporarily.
Soon [SOON] extended its slide on the 16th of November after bears forced a sharp drawdown. CoinMarketCap data showed a 26% daily loss, placing the token among the day’s biggest decliners. That drop kept sentiment fragile and set traders up for more volatility ahead.
Unlock fear drives early selling
The recent decline in SOON over the past day appears linked to an expected price unlock. The coming token unlock will release 15.21 million tokens—4.3% of the circulating supply—worth an estimated $32 million.
A sudden release of this size is expected to weigh heavily on price, particularly as demand in the market remains weak and insignificant.
Although the token unlock is scheduled for the 23rd of November, the recent sell-off—if truly linked to the event—suggested investors are taking extra steps to avoid being trapped should a deeper decline follow.
More recently, selling pressure has intensified due to weakness in the derivatives market.
Bears dominate the derivatives market
Derivative investors continue to sell heavily. The Funding Rate—used to track whether bulls or bears pay more in funding fees and determine where the market is skewed—was key in this case.
The Funding Rate confirmed that sellers are in control. It turned extremely negative, with a reading of -1.1307%, suggesting SOON could fall further.
Circulating liquidity in the Derivatives market has also seen a notable decline. According to CoinGlass, $6.29 million was removed, leaving circulating liquidity at roughly $48 million.
With $2.39 million coming from liquidated positions, the remaining $3.9 million exiting the market indicated that investors willingly closed their positions—consistent with the sell-off tied to the upcoming unlock.
This trend implies that investors’ decisions are driven largely by the uncertainty spreading through the market.
What’s next for SOON
SOON traded near the support band between $2.00 and $1.94, a region that had held since the 7th of November. The 4-hour chart showed repeated reactions at this zone, but bearish momentum accelerated into 16 November.
If SOON closed decisively below $1.94, sellers could drive a deeper breakdown. If the zone held again, the price might stabilize in the unlock window or attempt a short-term rebound.
