The cryptocurrency SIREN surged over 10% to approximately $0.65 in the past 24 hours despite an 8.35% decline in spot trading volume to $13.98 million. The rally, driven by a significant short squeeze and rising derivatives interest, now approaches a key resistance level near $0.70, though the divergence with spot activity raises questions about the move’s sustainability.
The cryptocurrency SIREN has gained over 10% to trade near $0.65. This price acceleration occurred even as its 24-hour trading volume declined by 8.35% to roughly $13.98 million, highlighting a divergence between rising price strength and weakening spot market participation.
The rally has pushed the asset toward the $0.70 resistance after reclaiming the $0.60 breakout zone. This follows a powerful expansion from the $0.355 demand region, with the price printing successive higher highs.
Technical indicators show the Parabolic SAR dots have flipped beneath the price, indicating a sustained upward trend. Meanwhile, the MACD line has crossed above its signal line and continues rising steadily, signaling expanding bullish strength.
Derivatives participation has expanded rapidly as Open Interest climbed by 10.16% to approximately $67.71 million. This increase indicates rising trader involvement and new positions entering the market during the recent surge.
Liquidation data reveals strong short squeeze activity, with about $441,660 in short positions liquidated compared to only $13,130 in long liquidations. Major exchanges including Binance, Bybit, Gate, and Bitget contributed to these forced exits.
Such liquidation cascades often trigger rapid price expansions during strong uptrends. This dynamic suggests the recent rally partly reflects forced covering rather than organic buying alone.
The significant rise in Open Interest shows derivatives are fueling SIREN’s advance. However, the concurrent drop in spot volume suggests the rally may struggle to sustain above the $0.70 resistance without stronger spot demand supporting it.
