IRYS Jumps 76% — Can Bulls Hold This Key Support Zone?

Key Takeaways

What is the price outlook for IRYS?
With limited historical data, IRYS shows a short-term bullish trend following its recent launch. However, caution is warranted until more price action develops.

What did on-chain sleuths uncover?
Investigators claim that roughly 20% of the total airdrop supply ended up in wallets controlled by a single entity. These concerns have not been disproven and remain a potential risk factor.

Irys (IRYS) has surged 76.2% in the past 24 hours at press time. The mainnet, which launched on November 25, appears to have captured early investor confidence.

Promoted as the data backbone of the AI economy, the network offers high throughput and scalable storage designed to support AI-level workloads.

Whether the young chain can deliver on these promises remains uncertain. For now, the IRYS token maintains a short-term bullish outlook, based on the limited technical analysis available.

Because the token is newly launched, price projections are restricted to short-term movements. Market sentiment also received a boost from a Bitget trading competition featuring 740,000 IRYS in rewards.

However, on-chain analysis has raised red flags. One crypto sleuth identified clusters of wallets holding unusually large amounts of IRYS, suggesting potential coordinated sell pressure. Another investigator noted that 20% of the airdropped tokens were claimed by a single entity.

Such concentration could lead to future sell-offs, potentially capping price appreciation. For now, technical analysis can offer only short-term insights due to the limited trading history.