Siren's meteoric rise has left many in the cryptocurrency space wondering if its success will be short-lived. Over the past 90 days, the altcoin has surged an impressive 1,030%, with some predicting a potential move to $1.
However, derivatives data tells a different story. A divergence has formed between Siren's spot price and perpetual positioning, indicating that capital inflows into the perpetual market are largely speculative rather than based on conviction.
The Open Interest Weighted Funding Rate continues to favor bears, with short positions retaining structural control. This imbalance raises concerns that Siren's rally could face resistance despite strong price action.