FLOKI, one of the most popular memecoins, recently climbed 5.18% to a press time price of $0.00009928. In doing so, the altcoin broke past a crucial resistance level, sparking speculation about a potential bullish rally. With increasing market interest, FLOKI’s momentum appears to be gaining traction, leaving traders eager to see if it can sustain this growth and lead the altcoin market.
Open Interest Soars, Signaling Strong Investor Confidence
Data from Coinglass revealed that FLOKI’s Open Interest surged by over 30%, reaching $26.39 million. This sharp increase indicates growing trader confidence, with investors positioning themselves for potential gains. Historically, rising Open Interest suggests heightened market activity, as more traders bet on a continued price hike. If this trend continues, FLOKI could be poised for further gains in the near term.
Technical Analysis: Key Levels to Watch
FLOKI’s latest rally was fueled by a successful re-test of a key support level. At the time of writing, the token was trending higher, with the Relative Strength Index (RSI) at 41.40, signaling that it is gradually exiting the oversold zone.
Key price levels to monitor include:
- Support: $0.00009811 – A crucial zone FLOKI must hold to maintain its upward trajectory.
- Resistance: $0.00013502 – A breakout above this level could open the door for significant price appreciation.
- Major Resistance: $0.00018743 – If surpassed, FLOKI may see even higher targets, fueling a sustained bullish run.
User Engagement on the Rise
FLOKI’s network activity has been surging, with new addresses increasing by 25.17% and active addresses growing by 45.02%. This surge suggests rising adoption, as both new and returning users engage with the token. Notably, this increase in activity aligns with FLOKI’s price movements, indicating that the interest is not purely speculative but supported by real user adoption.
Smaller transactions within the $0.00 – $1.00 category rose by 275%, signaling increased participation from retail traders. Additionally, transactions in the $1.00 – $10.00 range grew by 103.33%, further highlighting broader investor interest. This trend underscores the memecoin’s appeal among smaller investors seeking exposure to its potential gains.
The liquidation heatmap shows strong accumulation in the $0.000096 – $0.000098 price range, suggesting that many traders are betting on this zone as key support. While this level provides stability, increased liquidity could also pose short-term resistance. If FLOKI holds above this support, further bullish momentum is likely.
Also Read: Floki (FLOKI) Surges 9.78% as Whale Accumulation and Stocktwits Campaign Fuel Rally
With surging Open Interest, rising network activity, and growing retail investor participation, FLOKI appears well-positioned for further gains. If it successfully breaches key resistance levels, the memecoin could sustain a strong rally, making it an exciting prospect for investors looking to capitalize on its bullish momentum.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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