SIREN's song hits a sour note: 67% crash leaves bulls singing the $0.1620 blues 🐻

Siren [SIREN] plunged 67.09% to $0.1620 over 24 hours as trading volume surged 248.46% to $171 million, reflecting a wave of forced selling rather than renewed accumulation. The token erased a substantial portion of its recent recovery and fell to levels not seen since its earlier consolidation phase. Derivatives traders increased exposure during the decline, with Open Interest climbing 25.34% to $37.72 million, a divergence suggesting fresh positions entered as price moved lower rather than signaling renewed conviction. Long liquidations reached approximately $624,000 while short liquidations totaled only about $35,000, an imbalance that indicated buyers absorbed the overwhelming majority of forced closures as the breakdown accelerated.

The sell-off marked the latest leg of a sharper unwind that began after SIREN rallied from roughly $0.40 to a local high near $1.36. During an earlier phase of the decline, the token lost more than 41% in 24 hours and fell toward $0.72, slicing through $1.00 and $0.90 without meaningful support forming in between. That phase saw $840,550 in liquidations during a 24-hour window, with longs accounting for $424,580. In a subsequent move, SIREN fell 26.67% to around $0.49 on volume that climbed 38.18% to $43.63 million, while Open Interest dropped 36.68% to $30.04 million. Total long liquidations in that session reached approximately $181,820, with Binance accounting for roughly $117,130, followed by Gate with nearly $15,870 and Bybit with about $14,070; short liquidations totaled only about $30,790.

Technical conditions deteriorated after SIREN lost the $0.435 support level that had previously anchored its consolidation phase, with the daily chart showing strong selling pressure from the $1.30 rejection zone. RSI weakened to 33.57, approaching oversold territory, while the MACD indicator generated a bearish crossover and the histogram turned negative. Earlier in the broader decline, RSI had sat at 42.39 before falling further, and CMF remained positive at 0.23 even as it continued declining from higher levels, indicating capital was leaving the asset before net outflows turned negative. The token remained above the critical $0.43 support zone in the middle phase of the move despite heavy selling pressure, declining Open Interest, and substantial long liquidations.

With the $0.435 level now lost, the chart points to the next major support at $0.053 as the critical downside target. SIREN traded around the $0.65-$0.80 consolidation zone that fueled its early June breakout, placing the token at a structural inflection point before the latest leg down. Unless SIREN stabilizes above current levels and attracts fresh demand, traders will continue monitoring the $0.053 zone as the next key downside reference.