Irys token surged nearly 580% over 24 hours on October 23, reaching approximately $0.144. The rally saw the token climb from an opening price near $0.0206 to a session high close to $0.157 before easing slightly to $0.142.
The sharp advance triggered significant losses for traders positioned for a decline. Short positions accounted for $21.4 million in liquidations out of $24.2 million in total 24-hour liquidations, compared with $2.8 million from long positions. Liquidations occur when exchanges forcibly close leveraged trades after losses exceed a trader's margin.
The price movement accelerated after IRYS passed the $0.04 level, gathering momentum through $0.13 before encountering a brief pullback. Buyers subsequently pushed the token higher, though the source of the initial rally remains unclear.
Outstanding futures positions reached approximately $1.22 billion, though this figure reflects both new capital entering the market and the increased value from the sharp price movement.
Near-term technical levels showed the session high near $0.157 as immediate resistance for further advances. An intraday pause around $0.115–$0.13 could provide support if selling pressure returns, though the source noted this level is too recent to be considered dependable support.
