- SOL moved marginally in the last 24 hours.
- BOME’s exponential rise may help SOL’s price as well.
The popularity of meme coins surged over the last few months. One such token was Book of Meme [BOME], which also helped Solana [SOL] gain much traction.
However, as the market turned bearish, both these cryptos went under the bears’ control.
How Solana and BOME benefited each other
In the last 30 days, BOME showcased an incredible performance that also somewhat contributed to Solana’s bull rally.
According to CoinMarketCap, BOME took the market by storm as its value surged by nearly 1500% in the last month. Consequently, SOL also rose by over 53%.
It was interesting to see the two tokens’ relationships on the social front too.
Notably, AMBCrypto’s analysis of Santiment’s data revealed that both cryptos’ Social Volumes spiked substantially between the 16th to the 18th of March.
Source: Santiment
In fact, they still seem to have been continuing their similar trends at press time, as both their prices only moved marginally in the last 24 hours.
While BOME was trading at $0.01461, SOL had a value of $196.86. Additionally, both crypto trading volumes also dropped by 28% and 38%, respectively.
Will history repeat itself?
Since both cryptos’ actions were closely related, AMBCrypto planned to check their metrics to find out whether they could benefit each other in Q2 2024.
AMBCrypto’s analysis of Hyblock Capital’s data revealed that northbound BOME did not have much liquidation to take place until its all-time high.
Therefore, if BOME actually starts a bull rally in April, the chances of it touching and even exceeding its ATH are high.
Source: Hyblock Capital
So if BOME’s price gains bullish momentum, we might also witness Solana’s price moving northwards in the next month. To see whether anything was also acting in SOL’s favor, we then checked its daily chart.
AMBCrypto’s analysis revealed that SOL’s price was moving in a bullish ascending triangle pattern at press time. A breakout from that pattern could mean yet another bull rally for SOL.
Read Solana’s [SOL] Price Prediction 2024-25
Its Relative Strength Index (RSI) also seemed bullish, as it registered a sharp uptick.
Therefore, considering BOME’s liquidation levels and SOL’s bull pattern, the chances of both of these cryptos starting a bull rally at the beginning of Q2 seemed likely.
Source: TradingView
Credit: Source link