Siren surged to an all-time high of $0.36 before quickly correcting sharply, indicating strong speculative buying but also high profit-taking risks.
After a long period of sideways movement, the memecoin SIREN broke out thanks to strong capital inflows in both the spot and futures markets. Data on volume, market Capital , open interest, and Longing/ Short ratios show a surge in risk appetite, despite the appearance of sell signals.
- SIREN hit an all-time high of $0.36 before falling to $0.26, but still showed strong gains both daily and weekly.
- Whales/top holder are making large net purchases, with buy pressure overwhelmingly outweighing sell pressure in the short term.
- Futures are heating up rapidly: Open interest and Derivative volume are soaring, and volatility risk is high.
SIREN breaks out of sideways trading range and experiences significant volatility.
SIREN broke out of its sideways trading phase, rising to an all-time high of $0.36 before correcting back to $0.26, reflecting the rapid upward momentum accompanied by profit-taking pressure.
After a long period of consolidation on the chart, SIREN finally broke out and climbed to its all-time high of $0.36. Immediately afterward, the price recorded a quick pullback.
At the time of recording, SIREN was trading around $0.26, up 174.2% on the day and 241% on the week. During the same period, volume increased 3,294% to $42 million, while market Capital exceeded $200 million.
When volume and market Capital increase simultaneously, the market usually interprets this as an influx of new capital and increased network/ Token activity. However, excessively steep increases are often accompanied by high volatility due to speculators rapidly rotating their positions.
Sirin buyers enter the market aggressively, whales are net buyers.
on-chain data shows that large wallet groups have been making strong net purchases in recent days, contributing to the upward momentum of SIREN despite the cautious altcoin market.
In tense market conditions, many traders tend to reduce their altcoin holdings and hold cash, waiting for a more favorable time. However, some cryptocurrencies still attract buying interest, and SIREN is a prominent name recently.
According to Nansen, in just 3 days, whales accumulated heavily across the board, with top holder buying an additional 700 million SIREN Token . Conversely, these addresses only sold 65 million Token.
Therefore, the Balance Change indicator recorded a positive reading of over 600 million Token at the time of observation, indicating a strong accumulation trend. Simultaneously, the buying and selling pressure reversed to positive as momentum shifted towards the buying side.
The Buy & Sell Volume to Price Pressure ratio reflects an increase in buy pressure to 13 while sell pressure decreases to 6, resulting in a positive net pressure of 7. Positive net pressure is generally understood to mean that buyers are clearly dominant in the short term.
Sirin's risk appetite in the futures market has increased to a record high.
Investors flocked to the Derivative market, causing a surge in open interest and derivative volume, indicating strong speculative activity and a higher risk of position sweeps.
As SIREN's price increased, so did the flow of money in futures. According to Coinglass, Open Interest increased 402% to $51 million, while Derivative volume increased 12,418% to $1.62 billion.
A sharp increase in volume along with open interest (OI) usually implies an increase in the number of participants and the size of open positions, including both Longing and Short. This can amplify volatility when the market reverses or when chain liquidations occur.
Notably, the Longing/ Short Ratio surpassed 1 to 1.05, with the Binance Top Traders group leaning towards opening Longing. A ratio above 1 is generally interpreted as the majority favoring a further upward scenario and betting on the rally.
Is the upward trend of Sirin sustainable?
SIREN is still supported by new demand, but the RSI is too high and signs of profit-taking suggest that the price may continue to fluctuate; the $0.30 mark is a zone to reclaim, while the risk of a sharp decline to $0.11 could occur if futures panic.
SIREN rose primarily due to renewed demand, with buyers actively trading in both spot and futures. As a result, the RSI bounced up to 88 before falling back to 86, remaining in the overbought zone.
Simultaneously, this memecoin broke above the 20, 50, 100, and 200-day EMAs, reflecting strong upward momentum. However, the slight decline in the RSI also suggests selling pressure has emerged, with some traders taking profits.
For example, OnchainSchool noted that one holder sold $2.6 million worth of SIREN Token , increasing the risk of the upward momentum weakening in the short term.
If buying pressure persists, SIREN could recover from profit-taking losses and return to the $0.30 region. Conversely, if futures speculators panic and close positions en masse, a drop to $0.11 could occur.
Summary of the main events of SIREN
SIREN surged thanks to speculative capital and buying pressure from large investors, but the sharp fluctuations after its all-time high suggest that the risk of profit-taking and a reversal remains.
- SIREN rose to its all-time high of $0.36 before quickly falling back to $0.26 at the time of writing.
- The upward trend was primarily driven by speculative demand in both futures and spot contracts.
Frequently Asked Questions
What was the highest price SIREN ever reached in history, and what is its current price?
SIREN reached an all-time high of $0.36, then corrected sharply and is now trading around $0.26.
What factors fueled the sharp rise in SIREN's price?
The main drivers stem from increased speculative demand in both spot and futures, coupled with strong net buying by whales/top holder , according to Nansen data.
What does the Sirin futures data show?
Open interest increased 402% to $51 million and Derivative volume increased 12,418% to $1.62 billion, indicating a sharp increase in participation and speculation, which in turn carries volatility risk.
Which price levels are currently attracting market attention?
If buying pressure holds, SIREN could return to the $0.30 region. If panic selling occurs on futures, a drop to $0.11 is mentioned as a risk.
