At press time, FLOKI’s price action looked set for a potential rally. Traders should ideally look out for key liquidation levels

FLOKI’s price, at the time of writing, was finally breaking out, signaling the potential for a significant price hike. After a three-month accumulation period, it seemed ready for a bullish breakout, one that could propel it towards a new ATH on the chart. The prevailing market environment, paired with FLOKI’s history as a strong contender among memecoins, suggested that it could see a 210% price hike in the near future. As it rides this wave of optimism, now would be an opportune time for long-term traders to consider adding FLOKI to their portfolios. Especially since it seems poised to follow Dogecoin (DOGE) – A memecoin that has already hit a four-month high.

Source: TradingView

One key area to watch is FLOKI’s liquidation heatmap. For example – The price zone of $0.0001560 has significant liquidations resting just below the press time market price. Since prices often tend to gravitate towards areas of high liquidity, there is a strong likelihood that FLOKI will dip towards this level, before potentially moving higher. On the flip side, there are also high leverage liquidations above the price at $0.0001650. This suggested that traders should be cautious but optimistic about FLOKI’s near-term price movements.

Source: Coinglass

FLOKI’s Open Interest and volume Meanwhile, crowd sentiment is buzzing with speculation surrounding Bitcoin’s anticipated breach of $70k, leading many traders to shift their focus to high-risk, high-reward memecoins. Discussions about FLOKI and other memecoins have surged to their highest level in five months, indicating growing interest in speculative assets. However, some traders remain cautious as historical data suggests markets often correct when attention moves away from Ethereum and Bitcoin towards smaller, riskier coins. Despite this, however, it continues to defy expectations by showing promising signs of sustained upward momentum.

Source: Santiment

In terms of Open Interest and volume, FLOKI is in a solid position. At press time, the Open Interest stood at $21.59 million, with a 24-hour trading volume of $81 million. This level of activity places FLOKI in a prime spot to continue its breakout, with traders increasingly drawn to its potential for higher returns.

Source: Coinglass

Memecoins are known for their volatility. However, FLOKI’s ongoing trajectory, combined with the favorable market conditions, seem to suggest that it could be on the verge of a major rally. However, as always with speculative assets, caution is advised, and traders should carefully monitor key support and resistance levels. With FLOKI breaking out and a strong crowd sentiment behind it, it may soon hit new heights, making it one to watch.

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Next: Why Ethereum’s rebound to $2.7K hinges more on memecoins, than on Bitcoin

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