SIREN experienced a dramatic 50% surge over the past 24 hours, pushing the memecoin above the $1 mark for the first time since April 17. According to reports from AMBCrypto, this performance significantly outpaced the broader crypto market, which declined by 1.4% during the same period. The price surge was sufficient to position SIREN at the top of Binance Futures' gainers list, demonstrating strong momentum in derivatives trading.
The primary catalyst for SIREN's rally was a sharp sweep of derivatives-fueled liquidity, resulting in a significant short squeeze. As reported by AMBCrypto, over $1.56 million in short orders were liquidated on the Binance exchange as the price approached the day's high of $1.21. Additionally, capital rotation back to AI memecoins like SKYAI contributed to the momentum, with the AI memecoin sector's market cap rising by 15% week-over-week. The daily trading volume surged by 638%, reaching $54 million at press time, primarily driven by futures traders.
SIREN's price broke above a three-week consolidation pattern, surpassing the range's top at $0.85. According to AMBCrypto analysis, the low of the range at $0.61 has maintained price support since April 10. Technical indicators show positive momentum with the MACD bars turning green and increasing in size, while the Money Flow Index reading of 66.91 indicates strong bullish sentiment. However, the price must sustain above the $0.85 breakout zone to increase continuation odds, with failure potentially triggering a move back to $0.61.
Despite the strong price performance, on-chain data reveals potential sustainability risks. As reported by AMBCrypto, while top-100 addresses increased their holdings by 4.43% and exchange balances declined by 36%, supply control dynamics remain concerning. The top-100 addresses still hold more than 95% of the supply, indicating potential manipulation risks and centralization issues. This aligns with ZachXBT's recent exposé revealing that SIREN, along with other coins like RAVE, had their supply controlled by a small group of people.
To reclaim SIREN's all-time high of $3.86, the price must surpass the supply zone at $2. According to AMBCrypto analysis, the current rally may not be sustainable due to the concentrated supply control. The report suggests that SIREN's price staying above $1 is not guaranteed and warns that this surge could be an exit pump that could leave traders with losses. The analysis emphasizes that the memecoin's centralized nature, with a small group controlling the majority of supply, poses ongoing risks for traders despite the current momentum.
