Despite not garnering as much attention as BONK in 2023, the meme coin Floki (FLOKI) has been gaining popularity and currently appears to be on the brink of a significant move. Although initial predictions based on daily and weekly charts seemed unremarkable, with negative trends at the time of writing, a bullish formation was emerging on the daily chart, suggesting a potential upward breakout.
On January 21st, FLOKI experienced a sharp rise in price, but the uptrend was short-lived, and the subsequent decline was equally drastic. According to CMC data, FLOKI’s market value fell below $285 million, trading at $0.00002958, with a 24-hour decrease of over 6%. An analyst, however, observed signs of a potential rally in the meme coin’s chart.
Crypto analyst Pepper shared an analysis indicating that if FLOKI could move above the yellow trend line, it might trigger another bull run, potentially revisiting its highest levels from Q4 of 2023.
For FLOKI to enter another bull season, it needs to record new gains in the coming period. Its social volume has increased significantly, suggesting growing popularity in the crypto space. Additionally, a positive shift in weighted sentiment indicates an increase in investor confidence and anticipation of a price rise.
While FLOKI’s NVT ratio shows a decline, hinting at undervaluation and a possible uptrend, the recent drop in the MVRV ratio has caught investors’ attention as a bearish indicator. Considering these metrics, whether FLOKI will revisit its peak levels from late 2023 remains a topic of speculation among investors.