I recently noticed that the trend of the DeFi token ( related to SIREN) options has been quite interesting. It previously surged to around $0.375, hitting a new high, and now has retraced to $0.18, down 27% in 24 hours. During this decline, many traders are paying attention to the support levels.

Interestingly, trading volume has not completely dried up — 24-hour trading volume is still at $16.88 million. Compared to the market cap of $130.74 million, this ratio indicates there is still some participation. During the peak of the rally, the trading volume to market cap ratio reached 8.5%, which was a signal of institutional involvement. Although this ratio has decreased now, it hasn't completely shrunk, usually indicating that someone is guarding a key support level.

From a time frame perspective, SIREN rose from a historical low of $0.0263 to an all-time high of $4.90, a gain of over 18,000%, which is an extreme case among mid-sized DeFi tokens. Now, at $0.18, it has retraced 96% from the top. Based on my observation of similar parabolic movements, after such a retracement, the price typically pauses at a critical support level before deciding the next direction.

On the technical side, the $0.16–0.18 zone is testing the 24-hour lows. If this level can hold, it may form a short-term bottom; if it breaks down, the options pressure support could fail, and the next support might be at $0.12–0.14. Conversely, if trading volume modestly increases here, there’s a chance for a rebound to the resistance zone of $0.25–0.30.

For holders, the most important thing now is to observe whether the protocol’s fundamentals are making progress — such as total value locked, trading volume, and active users. If the fundamentals don’t keep up, this sharp decline might just be the beginning; if the team is quietly advancing the product, the bottom could be near. In the short term, waiting patiently for confirmation signals around $0.16 would be more prudent.