SIREN has risen approximately 12% in the past 24 hours, with trading volume, holding addresses, and perpetual contract data all showing strength. Foreign media believe this surge is not solely driven by thin liquidity; the combination of buying pressure and derivatives funds has led the market to focus on whether its current upward trend will continue.
Trading volume and cryptocurrency holding addresses increased.
According to CoinMarketCap data, SIREN's daily trading volume increased by 177% to $14.43 million. The simultaneous rise in both price and volume typically indicates more active buying in the market, rather than short-term fluctuations caused by low liquidity.
The article also mentioned that the number of SIREN holding addresses has risen to 52,690, a new high. An increase in the number of holders often means that more tokens are being held for the medium to long term, which also reduces the number of tokens available for trading on exchanges.
Long positions in perpetual contracts continue to increase.
Data from the derivatives market further reinforces this assessment. Open interest in SIREN perpetual contracts increased by 27% in 24 hours, rising to over $32 million, indicating that new funds have entered the contract market.
While an increase in open interest alone cannot directly determine market direction, combining it with funding rates provides a clearer picture of market sentiment. CoinGlass data shows that SIREN's weighted funding rate has risen to a positive value of 0.0472%, indicating that new funds are concentrated in long positions.
The liquidation heatmap points upwards to liquidity.
The liquidation heatmap shows liquidity clusters both above and below the current SIREN price, with a higher liquidation density below. The article suggests that, given the current upward momentum hasn't significantly weakened, the price is more likely to first sweep above the upper liquidity zone and then use that as a starting point to push the price higher.
However, if momentum weakens, the market may turn to test the $0.48 level. Liquidity density below this area is significantly lower, making it a key area to watch in the short term.
