Foreign media reports that SIREN, an AI-related token, has performed exceptionally well this week, with a rapid price rebound and a significant increase in open interest in the derivatives market. The article suggests that the token is approaching the key resistance zone of $1.30 to $1.35, and the next few trading sessions may determine whether this rebound can continue.
Price rebound accompanied by increased trading volume
The report noted that SIREN has risen more than 48% recently since its low in May, with the price reaching around $1.25 and trading volume increasing by more than 450%. From a technical perspective, the current price is approaching the intersection of horizontal resistance and a long-term downtrend line.
The article states that if the price can effectively hold above $1.35, the market may view this upward movement as a clearer breakout signal, rather than just a rebound attempt. If it fails to break through, this area could still become a new selling pressure level.
Open interest rose to nearly $100 million
According to Coinglass data, SIREN's open interest rose from approximately $25 million in late May to nearly $100 million in early June. Based on this, the article concludes that the recent surge is not merely a rotation of existing positions, but rather an influx of new funds.
The simultaneous rise in open interest and price usually indicates that traders are increasing their bets on the next direction. The report suggests this also shows that both spot and derivatives traders are preparing for the next period of volatility.
- The price once rose to about $1.25.
- Trading volume increased by over 450%.
- Open interest is close to $100 million.
The key level for determining whether a price is bullish or bearish is between $1.30 and $1.35.
The article mentions that the RSI has risen above 70, indicating strong buying pressure, but also suggesting that the short-term level is not low. The MACD remains in positive territory, and momentum indicators currently support a bullish advantage.
In this scenario, the $1.30 to $1.35 range becomes the most important short-term level to watch. If the price breaks through this range, the next target is $2.12, with a further target of $3.14. If the price falls back near the resistance level, the first support level to watch is $0.82, and a break below this level could lead to a retest of the $0.50 area.
Overall, this article tends to define the current trend as a "critical phase before a breakout." However, before the resistance level is truly broken, the market may still view this rally as a short-term surge driven by high leverage.
