SIREN recorded a sharp rally on May 8, surging more than 22% on Binance perpetual contracts before facing renewed selling pressure during the later part of the session. The BNB Chain-based AI meme token climbed to an intraday high of $1.2965 on trading volume exceeding 139 million tokens, marking its strongest activity since the April rally, before retreating toward the $1.16 region by the daily close.
From a broader technical perspective, the daily chart continues to reflect bullish momentum. The 20, 50, 100, and 200-day simple moving averages are all positioned beneath the current price and expanding upward, typically viewed as a sign of strengthening trend structure following a corrective phase.
Momentum indicators on the daily timeframe are also improving. The MACD has turned positive for the first time since the previous April peak, with the histogram shifting into green territory and the signal line beginning to rise above the zero level.
However, short-term charts suggest that the rally may be encountering resistance. On the 4-hour spot chart on MEXC, the token opened near $1.2089, briefly climbed to $1.2207, and later reversed lower to close around $1.1724, representing an intraday decline of just over 3%.
The price action formed a pronounced upper wick around the $1.22 zone, indicating that sellers emerged aggressively after the breakout attempt. While the 4H MACD remains in positive territory, the appearance of a red candle after several strong bullish sessions signals the first signs of possible distribution since the latest uptrend began. Trading volume on the 4-hour timeframe also declined noticeably compared to the earlier breakout candles that pushed the token from the $0.74 region to above $1.20.
SIREN has historically displayed extreme volatility following rapid upside moves. The token previously reached an all-time high near $3.61 in March before collapsing more than 70% within two days amid concerns over wallet concentration and supply distribution.
The current rally marks the second major recovery attempt since that decline. The token had spent much of late April consolidating between $0.68 and $0.80 before staging another breakout in early May.
The project positions itself as an AI-focused meme token on BNB Chain and has outlined plans for a decentralized exchange and AI-powered trading agent, though both products are still listed as upcoming. Analysts have repeatedly raised concerns regarding token concentration, with reports suggesting that a relatively small group of wallets may control a substantial portion of total supply — a factor that has previously intensified sharp sell-offs.
Despite those concerns, the broader environment for AI-themed assets on BNB Chain remains favorable, with on-chain AI activity and autonomous agent deployments expanding rapidly across the ecosystem in recent months.
From a technical standpoint, traders are now closely watching whether the $1.22 area continues to act as immediate resistance or if buyers can reclaim the level in upcoming sessions, potentially opening the path toward the next supply zone near $1.30.
