The memecoin market is declining, losing about 3% in the last 24 hours. However, Siren’s [SIREN] price was up by 11%. Its daily trading volume was up 159%, hitting $49 million – More than 12% of its total market cap.
The rally came as capital rotated quietly into select mid-cap tokens like SIREN. Moreover, tokens on the BNB Smart Chain have been rallying too, especially those linked to the AI narrative.
SIREN’s price near its ATHs
SIREN‘s price chart has been on an uptrend from the start of February until now. However, the memecoin retraced by about 70% after hitting a new all-time high (ATH) of $0.61.
A brief dip below the 0.618 Fibonacci retracement level resulted in the second wave of this uptrend that started this March.
Since February, the price action of SIREN has stayed above the SuperTrend indicator, except for the last three days of that month. At the time of writing, the memecoin was approaching $0.61, but candles had started to show rejection.
Additionally, the Chaikin Money Flow (CMF) has been rising over the past two days, indicating capital inflows. Still, the CMF was in the negative territory – A sign that traders were still withdrawing capital as SIREN hit new levels.
The wick formed in the latest candle on the 4-hour chart was a signal that the rally could be nearing its end. However, breaching the ATH would send SIREN closer to the $1 billion market cap.
With the memecoin trading above the 0.5 Fib retracement level, SIREN may not see a lot of buying since it was trading at a premium price. Savvy traders usually buy tokens at a discount, and these prices were below $0.33.
Exchange supply peaks as popularity index drops
Looking at the holder behavior, participants seemed to be sending their tokens to exchanges. According to Nansen AI data, exchange balance hit a new peak of 998 million. The figure indicated that almost all the supply was in centralized exchanges (CEXs) or the decentralized (DEXs) ones.
For the daily transfers, about 5.98 million were moved into exchanges – Evidence of looming sell pressure. Such movements usually precede selling, especially when prices are rising.
Moreover, the token has been losing its popularity too, which had peaked in February, likely due to competition and a general decline in crypto interest.
As per Rootdata, the Popularity Index declined from a peak of 219 to 91 at press time. This data showed that traders were slowly moving away from the token, another reason why the rally may not last.
Simply put, if the memecoin sector recovers as a whole, SIREN may continue to surge on the charts. Otherwise, the memecoin may have had its exit pump rally as it closes in to equal its peak of $0.61.
Final Summary
- SIREN was up 11% amid capital rotation into select mid-cap altcoins and a daily volume surge.
- SIREN’s price faces a critical test at $0.61 – A level that was starting to reject its ongoing rally.
