IRYS Price Surge: Can the Bulls Maintain This Critical Price Range?

Irys (IRYS) has experienced a significant price increase of 76.2% within a 24-hour period since its mainnet launch on November 25. While the rising interest showcases investor confidence, there are concerns about potential sell-offs tied to specific wallet holdings. As the market evaluates the stability of IRYS, traders and investors should remain cautious.

Key Takeaways

The recent price movement shows a bullish trend, suggesting optimism, especially following the mainnet launch.
Concerns arise as 20% of the total airdrop has been reported as held by a single entity, which is yet to be proven wrong.
As of the latest updates, IRYS has risen by 76.2% in just 24 hours, thanks to its promising position since the launch of its mainnet.
Positioned as the primary data backbone for the AI economy, Irys boasts substantial throughput and storage capabilities to support AI workloads.
The young network’s future success will hinge on its ability to fulfill its commitments, and the native token shows a temporarily bullish outlook based on existing price data.
A trading competition on Bitget, offering a total of 740,000 IRYS, has contributed to positive market sentiment.
However, there are worries that some wallets with large IRYS token holdings might lead to market dumps.

New datachain Irys sees climbing native token prices, but is a whale-driven dump coming?

IRYS: Short-Term Bullish Outlook Amid Growing Concerns

Irys 30-minute Chart
Source: IRYS/USD on TradingView

In a 30-minute analysis, IRYS reveals a trading range (highlighted in purple) between $0.04 and $0.053. These levels are crucial for monitoring future price movements—breaking above or below these extremes may lead to a decisive trend in either direction.

Currently, it’s uncertain which way the price action will lean, as the On-Balance Volume (OBV) indicator, similar to the price movements, has been fluctuating in recent hours. Additional clarity regarding the airdrop-related developments could significantly shape investor confidence in IRYS moving forward.

Disclaimer: This information serves only as the writer's opinion and should not be interpreted as financial, investment, or trading advice.