$SOON 🧐

👉 SOON Rebounds 34 Percent After Security Scare Mainnet Fully Restored ✨

SOON has recovered approximately 34% in the last 24 hours. After completing the project security review and restoring all network services, the price tested the 0.294 resistance level from the 0.22 range and is currently trading around 0.274.

Security Incident Fully Resolved

🔹 The security incident was detected on July 12. According to an investigation by third-party security firm BlockSec, external attackers gained unauthorized access through misconfigured services and infiltrated a portion of the internal environment due to inadequate access controls.
🔹 The breach only affected offline operational infrastructure. The SOON protocol sequencer or user-centric smart contracts were not affected. No user funds were lost.
🔹 Following the incident, SOON temporarily suspended the sequencer and some services. NFT mint token requests and on-chain withdrawals were halted. NFT and token functions resumed on July 21. Mainnet RPC services and block production were fully restored as of July 27. The network is currently operating normally.

Market Reaction and Price Action

🔹 The news triggered a strong recovery. SOON achieved a technical breakout from its consolidation base around 0.167 to 0.175.
🔹 Trading volume expanded during the recovery, and the price formed support above MA5 0.208.
🔹 However, the rally's technical indicators are serious. The 4-hour RSI has risen above 80, pushing the price into overbought territory; short-term momentum is at an extreme level.
🔹 The 1-hour MACD histogram shows early signs of constriction; momentum is weakening at current levels. The order book shows a 4.70% sell-side weighting, with buys concentrated near 0.273.

Key Levels to Watch

🔹 Immediate Resistance: 0.294 (current daily peak)
🔹 Support: 0.273 to 0.278 range (MA5 and buy support zone)
🔹 Critical Support: 0.208 (MA5 level)
🔹 Next Targets: 0.300 to 0.310 range if momentum continues

Project Fundamentals

🔹 SOON Solana Optimistic Network is an SVM-based rollup project focused on blockchain mass adoption.
🔹 Its core products are SOON Mainnet, SOON Stack, and InterSOON for cross-chain messaging.
🔹 The project recently raised 35.97 million to mitigate selling pressure. The token has been locked again.

The recovery is seen as a combination of relief buying after the resolution of the security issue and technical momentum. However, the RSI is at extreme levels and selling pressure is accumulating in the order book. In the short term, a pullback towards the 0.273-0.278 support zone could create a better entry opportunity for the next rise.

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