Following the recent market crash, there was a surge in buying activity from whales on BOME. The crash last week triggered a bearish mood across the market, causing many cryptocurrencies to decline.
Amidst this, while some investors panicked, whales took advantage of the situation to accumulate assets. Book of MEME (BOME), a cryptocurrency built on the Solana network, was among the tokens that whales opted to purchase during this period.
Solana Whales Boost BOME Amid Crypto Market Turmoil
The recent days proved tumultuous for the crypto market, witnessing significant losses across various coins, including BOME. According to CoinMarketCap, BOME experienced a decline of more than 37% in its value over the past week.
Interestingly, following the market crash, Solana whales took advantage of the situation to purchase BOME. According to a recent tweet from Lookonchain, a whale withdrew 15,751 SOL, equivalent to $2.25 million, from Binance. Subsequently, it invested 4,623 SOL, valued at $661K, to acquire 67.53 million BOME at $0.0098.
The increased demand among whales acted as a catalyst for BOME’s recovery as market conditions turned bullish. In the last 24 hours, BOME’s chart reflected positivity, with its value surging by more than 5%. At the time of writing, it was trading at $0.00894, boasting a market cap of over $493 million.
Despite the recent price hike, market sentiment surrounding BOME remained bearish. Data from Santiment indicated that the memecoin’s weighted sentiment remained low, suggesting prevalent bearish sentiment in the market. Additionally, its social volume declined after a spike on April 12th, signaling a decrease in popularity.
Source: Santiment
Analysis of BOME’s Recovery Prospects Amidst Market Volatility
Challenges and Targets for BOME’s Recovery: With BOME’s daily chart showing positive signs, Hyblock Capital’s data was examined to assess whether the memecoin could fully recuperate its losses in the upcoming week. Analysis suggests that BOME may encounter significant resistance near the $0.010 mark. Crossing this threshold is crucial for BOME to offset its previous week’s losses. A successful breakout could propel BOME towards $0.013 by week’s end.
Source: Hyblock Capital
Bearish Market Indicators: Despite recovery hopes, market indicators present a bearish outlook for BOME. The Relative Strength Index (RSI) experienced a slight downtick, indicating potential downward pressure on the memecoin’s price. Additionally, the Chaikin Money Flow (CMF) remained below the neutral mark, suggesting subdued buying pressure. These factors suggest that BOME’s price action may revert to bearish, hindering its ability to regain lost market capitalization in the short term.
Source: TradingView
Positive Signs for Solana (SOL): While challenges persist for BOME, Solana (SOL) exhibited signs of recovery. Following a 15% drop last week, SOL surged nearly 5%, indicating resilience amidst market volatility. At present, SOL is trading at $148.84 with a market capitalization exceeding $66.4 billion. Notably, SOL’s weighted sentiment graph displayed improvement, signaling growing investor confidence in the token.
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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