In recent months, meme tokens have become increasingly popular. Notably, BOME experienced an astonishing 1500% surge, contributing to Solana’s upward momentum. The impressive performance of both cryptocurrencies suggests the possibility of a bullish trend in the second quarter.
Meme tokens, like Book of Meme (BOME), have become super popular lately, drawing more attention to Solana (SOL). But, with the market dipping, both BOME and SOL have been influenced by bearish trends. Despite this, BOME showed amazing growth in the past month, giving a little boost to Solana’s bullish run.
Impact of BOME and SOL on the Market
According to 21milyon.com, BOME made waves in the market with an impressive 1500% surge in value last month, while SOL also saw a notable increase of over 53%. Santiment’s data analysis revealed a significant rise in the social volumes of both cryptocurrencies between March 16-18. Despite minimal movement in prices over the past 24 hours, both BOME and SOL seem to maintain similar trends at present.
At the time of writing, BOME was trading at $0.01461, with SOL valued at $196.86. Additionally, the trading volume for both cryptocurrencies dropped by 28% and 38%, respectively. Hyblock Capital’s analysis indicated that as BOME surged, there wasn’t much liquidation until it hit its all-time high.
Potential Bull Rally for BOME and SOL
If BOME kickstarts a bull rally in April, there’s a strong possibility it could not only reach but also surpass its all-time high (ATH). Consequently, if BOME gains upward momentum, it could trigger a similar upward movement in Solana’s price throughout the coming month.
Experts analyzing SOL’s price noted it’s currently following an ascending triangle formation. Exiting this formation could potentially lead to another bull rally for SOL. The Relative Strength Index (RSI) also indicates an uptrend with a sharp rise recorded.
Considering the liquidation levels of BOME and the bullish period for SOL, it’s probable that both cryptocurrencies could initiate a bull rally at the beginning of the second quarter.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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