Book of Meme gains 24% as Solana meme coins rebound: Is BOME set to explode?
invezz.com 19 July 2024 13:11, UTC Book of Meme (BOME), the fourth largest meme coin on Solana behind Dogwifhat, Bonk and Popcat, has seen its price increase by more than 24% this past week.
The meme coin is also green in the past 24 hours, up 4.7% at the time of writing.
Currently, BOME is holding onto an overall bullish momentum.
Despite giving up ground since reaching its all-time peak in March, could a breakout push this digital archive for its ilk even higher?
BOME gains and Solana’s surge
BOME rose to $0.009205 on Friday morning, its highest level since touching lows of $0.00674 on July 5.
The upside for the meme coin have come as Solana (SOL) also surged from near $122 earlier this month to currently sit above $160. SOL’s seven-day high of $164 is the highest level the altcoin has reached since slipping from above $175 on June 5.
But bulls are finding the area above $160 as a tough supply zone, which crypto analyst Ali Martinez says would give way for a run to $175 for Solana if bulls take control.
If #Solana surpasses the $162-$164 resistance range, the next target for $SOL is $175! pic.twitter.com/mxq0Z4F2pd
— Ali (@ali_charts) July 18, 2024
This bullish outlook for SOL could strengthen amid potential catalysts such as spot Ethereum ETFs, US elections and the meme coin frenzy. Book of Meme may tap this positivity to explode in the coming months.
Book of Meme price prediction
As noted above, a surge for Solana meme coins will see Book of Meme take on bears at key levels near $0.01. BOME traded at these highs in late June, while prices hovered around $0.015 in May.
The highest price for Book of Meme is $0.02689, reached in March, as Bitcoin hit its all-time high and Solana changed hands above $200.
Both the Relative Strength Index (RSI) and the Moving Average Convergence Diivergence (MACD) indicators on the daily chart suggest bulls have the advantage.
The RSI is above the 50-point mark, while the meme coin’s MACD line currently sits above the signal line following a bullish crossover. Although lodged below the zero line, previous crossovers have seen BOME price register decent gains.
If prices dip and sellers dominate sentiment, it’s possible that Book of Meme will revisit key support levels. The primary demand zone may be around $0.0072.
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