The memecoin SIREN has dropped approximately 20% in the past 24 hours, retreating from recent highs. The decline appears linked to a large wallet moving over $8 million worth of tokens, with a portion deposited onto an exchange, signaling potential sell pressure. Technical analysis shows the price nearing a critical support level around $0.30, with market indicators pointing to ongoing capital outflows and selling dominance.
The cryptocurrency Siren [SIREN] has experienced significant volatility, falling about 20% in a day after a recent uptrend. This sharp decline coincides with a major wallet movement tracked by Arkham Intelligence.
Data shows a wallet moved 22.852 million SIREN, valued at over $8 million. Approximately $373,000 worth of these tokens were deposited into Gate Exchange, suggesting looming sell pressure as whales often test liquidity before larger sales.
The remaining 21.852 million SIREN, worth about $7.85 million, was down 10% on the day. Continued price decline could force the holder to sell, potentially leading to further downward pressure on the memecoin.
On the charts, SIREN’s price has dropped more than 50% from its peak near $0.609 to press time levels around $0.347. The price is now approaching a major ascending support level near $0.30, which it has bounced from multiple times.
Technical indicators reinforce the bearish momentum. The Chaikin Money Flow (CMF) was at negative 0.24, indicating capital outflow.
Furthermore, the Cumulative Volume Delta (CVD) showed sell volume dominating, with 4.8 million SIREN being sold at press time. Key liquidity levels from CoinGlass align with the $0.30 support zone, with dense clusters just below that price.
The chart indicated the price was sweeping liquidity as it fell throughout the day. A reaction at the $0.30 level will determine the next trajectory, with a bounce potentially targeting $0.55 where above-price liquidity clusters are dense.
