SIREN extended its decline dramatically over the past 24 hours as panic selling swept across the market.
The token plunged 67.09% to $0.1620 while its trading activity accelerated aggressively during the sell-off, with 24-hour volume surging 248.46% to $171 million.
Such a sharp increase in volume reflected intense market participation rather than renewed buying interest. Instead, traders appeared to have rushed to exit positions as bearish sentiment strengthened throughout the session.
As a result, Siren [SIREN] erased a substantial portion of its recent recovery and fell to levels not seen since its earlier consolidation phase.
Why is Open Interest still rising?
Despite the severe decline, derivatives traders continued increasing exposure. Open Interest climbed 25.34% to $37.72 million even as SIREN suffered one of its sharpest daily corrections.
This divergence suggested fresh positions entered the market while the price moved lower.
Rather than signaling confidence, the increase in leverage likely reflected growing speculative activity as traders positioned for further volatility.
In many cases, rising Open Interest during a steep decline indicates new short positions entering the market instead of aggressive accumulation.
The combination of falling prices and rising Open Interest reinforced the view that sellers maintained control of the market structure.
Long traders absorb the bulk of losses
Liquidation data revealed a heavily one-sided event that punished bullish traders. Long liquidations reached approximately $624,000 while short liquidations totaled only about $35,000.
This imbalance showed that buyers absorbed the overwhelming majority of forced closures during the decline. As long positions unwound, additional sell orders entered the market and intensified downward pressure.
The liquidation cascade likely accelerated the speed of the breakdown and contributed to the dramatic daily loss. Unlike balanced liquidation events, this distribution reflected a market where bullish conviction deteriorated rapidly.
Support breaks as sellers tighten control on SIREN
Technical conditions deteriorated significantly after SIREN lost the crucial $0.435 support level that had previously acted as a foundation for consolidation.
The daily chart showed strong selling pressure from the recent $1.30 rejection zone, pushing the token toward its next major support at $0.053.
With the former support now lost, sellers maintained control of the broader trend and left buyers with little room to regain ground. RSI also weakened significantly, falling to 33.57 and approaching oversold territory.
While such readings can sometimes trigger short-term relief bounces, the indicator had not yet signaled a clear reversal.
Unless SIREN stabilizes above current levels and attracts fresh demand, traders will likely continue monitoring the $0.053 support zone as the next critical downside target.
Final Summary
- SIREN lost a major support level as panic selling accelerated sharply.
- Rising Open Interest suggests traders still expect significant volatility ahead.
