Will the SIREN and SOON crypto rally continue? | Credit: Hameem Sarwar
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Key Takeaways
SIREN surged as whales re-accumulated over 90% of the supply, restricting circulation and driving price higher.
SOON rallied after an Upbit listing, with rising OI and bearish sentiment creating short-squeeze conditions.
Both rallies show strong momentum but carry high volatility risk, with potential pullbacks if momentum weakens.
The crypto market didn’t just move today. It rotated.
While major assets, including Bitcoin (BTC), Ethereum (ETH), and XRP, held relatively steady, attention shifted toward smaller tokens.
Interestingly, two names quickly stood out. SIREN and SOON, two tokens built on the Solana blockchain, have emerged as the top gainers among the top 400 assets in the market.
But the drivers of the rally are different. In this analysis, CCN explains why SIREN’s price is up and why SOON crypto has exploded.
SIREN Whales Take Back Control of 93% Supply
Over the past seven days, SIREN’s price has increased by 190%. Interestingly, the token is not just rallying; it’s recovering.
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Previously, CCN reported how SIREN collapsed 91% from its all-time high. Today, at current levels, it is just 43% away from retesting that peak.
However, the sudden surge is no accident. Large-scale investors are back, according to data from Chinese on-chain analyst EmberCN.
According to the revelation, the same whale entities that sold off SIREN in late March and early April have now aggressively re-entered the market.
“SIREN The dealer is reclaiming the chips that were dumped out at the beginning of the month, re-establishing control over more than 93% of the tokens, and now they’re at it again with some “fierce manipulation.” EmberCN wrote.
By withdrawing tokens from exchanges and moving them into private wallets, they effectively choked off the available supply.
As a result, even modest buying pressure is pushing the SIREN price higher.
At the same time, it is reclaiming both the 20 EMA (blue) and 50 EMA (yellow), which are now acting as support.
Notably, the breakout has extended to the 0.5 ($1.64) level and is now testing the 0.618 ($2.00) zone. This reflects aggressive demand and strong follow-through.
Meanwhile, the structure is shifting to the bullish side. The reclaim of previous horizontal resistance confirms a trend reversal from accumulation into expansion.
In addition, the steep angle of the move suggests momentum is accelerating. However, the move is becoming extended.
Large vertical candles indicate potential short-term exhaustion.
Therefore, a brief consolidation or pullback around the $1.60 zone could occur before continuation.
If SIREN’s price holds above $1.64, continuation toward $2.50 at the 0.786 Fib ratio will likely follow.
However, if rejection occurs at current levels, a retest of the breakout zone will likely develop before the next move higher.
SOON Surge Driven by Listing Momentum
While SIREN’s move appears tied to recovery, the rally in SOON is being driven by a clearer catalyst — a major exchange listing.
Earlier today, Upbit, one of South Korea’s largest crypto exchanges, confirmed that it had added SOON to its platform, with trading opening on the KRW market.
As is often the case with Upbit listings, the market reacted quickly. SOON’s price jumped sharply, with its market value rising around 81% within just a few hours.
But the price surge isn’t the only thing worth noting.
On-chain data from Santiment shows a more complex setup forming beneath the surface.
OI is climbing to new highs, suggesting that fresh positions are entering the market rather than the move being driven purely by spot buying.
At the same time, sentiment is moving in the opposite direction.
Weighted sentiment is dropping deeply negative, even as the price is rising.
This indicates that the majority of traders are positioning bearishly, likely opening shorts into the move.
As a result, the market is becoming crowded on the short side.
This is creating short-squeeze conditions. If prices continue to rise, these short positions will likely be forced to close, adding fuel to the rally.
Notably, such setups often lead to continued upside before a reversal. SOON’s price could trade higher in the short term.
SOON Open Interest vs. Weighted Sentiment | Credit: Santiment
However, risks are building.
If the OI remains elevated while price stalls, the move could unwind quickly. In that case, both trapped shorts and late longs would likely exit, increasing volatility.
SOON Price Prediction
On the technical side, the daily chart shows that SOON has broken above the upper trendline of a descending triangle.
At the time of writing, the altcoin has reclaimed the 0.236 Fibonacci level and is pushing into the 0.382 Fib near $0.27.
Meanwhile, the Bull Bear Power (BBP) has flipped strongly positive. This reflects aggressive buyer dominance after a long period of negative pressure.
At the same time, holder sentiment is spiking higher. This suggests market participants are turning bullish, likely in response to the breakout.
However, the move is becoming extended in the short term.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
