SIREN’s 174% surge – After hitting a new ATH, is downside next for the memecoin?
SIREN, a memecoin, surged 174% daily to reach a new all-time high of $0.36 before pulling back to $0.26. Its weekly gains hit 241%, accompanied by a massive 3294% increase in trading volume and a market cap exceeding $200 million. Whale accumulation was significant, with top holders adding 700 million tokens while selling only 65 million, indicating strong buying pressure. Futures market activity also spiked, with open interest rising 402% and a long/short ratio above 1, reflecting bullish sentiment. However, the RSI dropped slightly from 88 to 86, suggesting some profit-taking occurred. If buying demand continues, SIREN could rebound toward $0.30; otherwise, it might fall to $0.11 if futures traders panic. The rally was primarily driven by speculative demand across both spot and derivatives markets.
ambcrypto02/08 15:02