FLOKI set to gain 100%, cross its ATH? Assessing major levels
FLOKI is on the verge of a major rally as it consolidates within a well-known bullish pattern.
- FLOKI has been trading in a consolidation phase, a setup that often signals a strong breakout.
- The number of FLOKI addresses has hit an ATH, highlighting growing adoption.
Over the past week, Floki [FLOKI] has gained 28.64% while its monthly performance stood at an impressive 61.78%. However, the rally has paused over the last 24 hours, with the token dipping 4.27%.
Despite this slight pullback, FLOKI remains well-positioned to continue its upward climb, backed by strong market interest and increasing participation.
FLOKI could surge 105.94%
FLOKI’s weekly chart showed the token had entered a consolidation phase, where its price could trend upward but oscillate within defined boundaries over an extended period before continuing its upward trend.
If FLOKI breaks out of this phase, it could see a rally mirroring the initial upward movement, potentially gaining 105.94% and reaching $0.00058053
That said, the breakout may not happen immediately. There’s a chance FLOKI could first test a support level at $0.00020546 before making a move toward a new all-time high.
FLOKI: Holder profits hit 88%
According to IntoTheBlock, FLOKI has seen a surge in adoption, with the total number of holders reaching an all-time high.
As of the 18th of November, approximately 80,200 addresses held the asset, signaling strong and growing interest.
What’s more, 88% of these holders were “In The Money” at press time, while only 3% were “Out of the Money”, and 9% were “At The Money” (breaking even). These figures highlighted FLOKI’s overall bullish momentum.
Despite a recent daily dip, the high percentage of profitable addresses reflects a solid market sentiment and suggests the token may continue its upward trend soon.
Development activity hits new high
According to data from Santiment FLOKI’s development activity has surged to a higher level after reaching a low in September. This spike coincided with the launch of its Play-to-Earn MMORPG game, Valhalla, in India.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Increased development activity is often a precursor to significant price movements.
If this trend holds, FLOKI’s breakout from its consolidation phase could be near and will lead to a new all-time high, further solidifying its bullish outlook.
