IREN is currently trading within a downward channel, and momentum remains subdued. For a meaningful reversal, the token needs to break above the $44.44 resistance level—a key threshold that would signal an end to the ongoing downtrend. Once that breakout occurs, upside potential opens up significantly. The 618 Fibonacci retracement level sits around $51.45, which serves as the initial price target. This level could act as a resistance point where profit-taking might emerge, but reaching it would confirm the trend shift.