SIREN extended its decline significantly over the past 24 hours as panic selling swept the market.
The token plunged 67.09% to $0.1620 while its trading activity accelerated aggressively during the sell-off, with 24-hour volume up 248.46% to $171 million.
Such an increase in volume reflects intense market participation rather than renewed buyer interest. Instead, traders appeared to have rushed to exit their positions as bearish sentiment strengthened throughout the session.
Therefore, Mermaid (MERMAID) erased a substantial part of its recent recovery and fell to levels not seen since its previous consolidation phase.
Why does Open Interest continue to rise?
Despite this sharp decline, derivatives traders continued to increase their exposure. Open interest soared 25.34% to $37.72 million even as SIREN suffered one of its biggest daily corrections.
This divergence suggests that new positions entered the market as the price fell.
Rather than reflecting confidence, the increase in leverage likely reflects increasing speculative activity as traders prepare for increased volatility.
In many cases, a rise in open interest during a sharp decline indicates new short positions entering the market instead of aggressive accumulation.
The combination of falling prices and rising Open Interest reinforced the idea that sellers maintained control of the market structure.
Long traders absorb most of the losses
The liquidation data revealed a strongly one-sided event that punished bullish traders. Long liquidations reached around $624,000, while short liquidations only totaled around $35,000.
This imbalance showed that buyers absorbed the overwhelming majority of forced closings during the decline. As long positions unwound, additional sell orders entered the market and intensified the downward pressure.
The cascade of liquidations likely accelerated the speed of the bankruptcy and contributed to the dramatic daily loss. Unlike balanced liquidation events, this distribution reflects a market where bullish conviction has rapidly deteriorated.
Support breaks as sellers tighten control over SIREN
Technical conditions deteriorated considerably after SIREN lost the crucial support level of $0.435 that had previously served as a basis for consolidation.
The daily chart shows strong selling pressure coming from the recent rejection zone of $1.30, pushing the token towards its next major support at $0.053.
With the old support now lost, sellers remained in control of the broader trend and left little room for buyers to regain ground. The RSI has also weakened significantly, falling to 33.57 and approaching oversold territory.
Although such numbers can sometimes trigger short-term relief bounces, the indicator has yet to signal a clear reversal.
Unless SIREN stabilizes above current levels and attracts new demand, traders will likely continue to monitor the $0.053 support area as the next critical downside objective.
Final summary
- SIREN lost a major support level as panic selling accelerated sharply.
- The rise in open interest suggests that traders still expect significant volatility ahead.
