SIREN rose 48% to $1.25 with a more than 450% increase in trading volume. Open interest on perpetual contracts reached a multi-week high as traders piled into leveraged bets on the AI token.
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SIREN surges 48% to $1.25 as open interest hits multi-week high
SIREN rose 48% to $1.25 with a more than 450% increase in 24-hour trading volume, data from CoinGecko show. The token's market capitalization reached about $900 million, up from roughly $524 million earlier in the week.
Open interest on SIREN perpetual contracts reached a multi-week high, according to Coinglass data, as traders increased leveraged bets. The elevated OI level suggests the move may be driven by speculative positioning rather than organic buying, raising the risk of a liquidation cascade if the price reverses.
The token broke above the 0.236 Fibonacci level near $0.66 on rising volume before clearing the 0.382 level at $0.80. The volume profile places its heaviest node at $0.50, marking that level as firm support. The relative strength index is trending higher in bullish territory, though the rapid move has pushed it into overbought conditions.
The next resistance stands at the 0.786 level near $1.18, a zone that could determine whether the move extends or reverses. A pullback would test support at the 0.382 level near $0.80, then the 0.5 level near $0.66. The token dropped more than 50% on May 14 before consolidating near $0.50 for several weeks, making the current rally a recovery from those lows.
The rally comes as most major cryptocurrencies traded lower, with Bitcoin down 6% to about $72,500 and Ethereum falling 6% to around $1,980 over the past week. SIREN's move mirrors strength in other AI-related tokens, with Worldcoin gaining 14% to $0.52 in the same period. The divergence between AI tokens and the broader market suggests capital rotation rather than broad-based buying.
The sharp price increase combined with elevated open interest creates a setup where a sudden unwind of leveraged longs could trigger a rapid correction. Traders are watching the $0.80 support zone as the first line of defense against a potential leverage-driven pullback. If SIREN holds above that level, the path to $1.18 remains open; a break below would signal the rally has exhausted.
This article is for informational purposes only and does not constitute investment advice.
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