Usman Salis
⬤ IREN Ltd (NASDAQ: IREN) put together an impressive run over the past month, climbing from about $33 in mid-December to just over $50 by mid-January. The rally caught plenty of people off guard, especially since the stock had been struggling at much lower levels just weeks earlier. Between December 17 and January 12, IREN gained roughly 49%, with momentum carrying into the latest session.
⬤ The stock closed near $50.33, up about $14.85 from a month ago—roughly a 42% gain. Pre-market trading pushed it slightly higher to around $50.84. The chart shows a steady climb rather than a quick spike, suggesting consistent buying interest throughout the period.
⬤ What's interesting is how fast the mood shifted. When IREN was sitting near $33, some traders were still betting on more downside, even eyeing levels below $30. Instead, buyers stepped in aggressively, and the stock started forming higher lows in late December before breaking out in early January.
⬤ This kind of sharp reversal shows how quickly things can change when sentiment flips. IREN's rally is a reminder that momentum can accelerate price discovery once selling pressure dries up. These rapid repricing moves often reshape expectations across related stocks and highlight how fast market narratives can shift when price action confirms a new trend.
Usman Salis
