 meme coin seems to be garnering significant attention from crypto enthusiasts with its impressive upside rally){kind=link}
Key Insights:
- With a 22% upside rally in Floki Inu’s price, 62.23% of meme coin holders have turned profitable.
- FLOKI could soar by 25% to reach the $0.000113 level if it holds above the $0.000091 level.
- Whale transactions worth $100K to $1 Million have dropped by 75%, indicating a decline in large investor activity.
Floki Inu (FLOKI) meme coin seems to be garnering significant attention from crypto enthusiasts with its impressive upside rally. This shift in market sentiment is not only observed in the Floki Inu price but is also reflected across the broader crypto landscape.
62% of FLOKI Traders Turn Profitable
At press time, FLOKI was trading near $0.00009162 and had recorded a significant 22% upside momentum over the past 24 hours. This notable surge in the meme coin’s price has garnered significant attention from traders, as it broke a major resistance level, opening the path for a massive upside rally.
Data from CoinMarketCap revealed that FLOKI also recorded a 125% surge in trading volume during the same period.
With the recent surge in the Floki Inu price, over 62.23% of meme coin holders are now in the money, meaning they have become profitable. Meanwhile, 18.48% of holders are still at a loss, and 19.30% are at a break-even level.
At press time, FLOKI appears to be facing strong resistance near the $0.0000129 level, where 9,530 wallet addresses have purchased 1.93 trillion FLOKI.
There is a high possibility that if the Floki Inu price reaches this level, these holders will become profitable and may decide to sell, which could create selling pressure. This is likely the reason investors and traders view this level as a key resistance.
Floki Inu Price Action; Whale Activity
According to expert technical analysis, with the recent upside momentum, the Floki Inu price has breached a key resistance level at $0.000090. This level has historically provided selling pressure, but the meme coin has now neutralized it.
Based on recent price action and historical patterns, if the meme coin continues its upside momentum and closes a daily candle above the $0.000091 level, it could further soar by 25% to reach the $0.000113 level.
On the other hand, if the Floki Inu price fails to hold this level, it could experience a price decline in the coming days.
While writing, FLOKI’s Relative Strength Index (RSI) stood at 65, indicating that it is near the overbought zone but still has enough room to continue its upside momentum in the coming days.
Despite bullish market sentiment and a notable surge in FLOKI’s price, whale participation has significantly declined.
Data from IntoTheBlock reveals that whale transactions worth $100K to $1 Million have dropped by 75%, whereas retail investors have shown strong participation in the meme coin.
$782k Worth of FLOKI Inflow, Time to Sell?
However, some see this price surge as an opportunity and have offloaded their holdings, as revealed by the on-chain analytics tool CoinGlass.
Data from spot inflow/outflow shows that exchanges have recorded an inflow of $782K worth of FLOKI meme coin over the past 24 hours.
Such inflows during an upside momentum are considered a potential sign of offloading and can lead to selling pressure.
Traders’ Confidence in the Bullish Side
Besides whales and long-term holders’ potential bearish view, traders have shown strong interest and confidence in the meme coin.
According to the data, traders are currently over-leveraged at the $0.0000855 level on the lower side (support) and $0.0000985 on the upper side (resistance). They have built $136.46K worth of long positions and $90.50K worth of short positions.
Despite having low bets, these metrics clarify that bulls have been dominating the meme coin and appear to be pushing Floki Inu’s price to a new high.