- SOL moved marginally within the final 24 hours.
- BOME’s exponential rise might assist SOL’s worth as nicely.
The recognition of meme cash surged over the previous couple of months. One such token was Guide of Meme [BOME], which additionally helped Solana [SOL] achieve a lot traction.
Nonetheless, because the market turned bearish, each these cryptos went underneath the bears’ management.
How Solana and BOME benefited one another
Within the final 30 days, BOME showcased an unimaginable efficiency that additionally considerably contributed to Solana’s bull rally.
In response to CoinMarketCap, BOME took the market by storm as its worth surged by almost 1500% within the final month. Consequently, SOL additionally rose by over 53%.
It was attention-grabbing to see the 2 tokens’ relationships on the social entrance too.
Notably, AMBCrypto’s evaluation of Santiment’s knowledge revealed that each cryptos’ Social Volumes spiked considerably between the sixteenth to the 18th of March.
Supply: Santiment
In actual fact, they nonetheless appear to have been persevering with their comparable tendencies at press time, as each their costs solely moved marginally within the final 24 hours.
Whereas BOME was buying and selling at $0.01461, SOL had a price of $196.86. Moreover, each crypto buying and selling volumes additionally dropped by 28% and 38%, respectively.
Will historical past repeat itself?
Since each cryptos’ actions had been carefully associated, AMBCrypto deliberate to examine their metrics to search out out whether or not they may benefit one another in Q2 2024.
AMBCrypto’s evaluation of Hyblock Capital’s knowledge revealed that northbound BOME didn’t have a lot liquidation to happen till its all-time excessive.
Subsequently, if BOME really begins a bull rally in April, the probabilities of it touching and even exceeding its ATH are excessive.
Supply: Hyblock Capital
So if BOME’s worth positive factors bullish momentum, we’d additionally witness Solana’s worth shifting northwards within the subsequent month. To see whether or not something was additionally appearing in SOL’s favor, we then checked its day by day chart.
AMBCrypto’s evaluation revealed that SOL’s worth was shifting in a bullish ascending triangle sample at press time. A breakout from that sample might imply yet one more bull rally for SOL.
Learn Solana’s [SOL] Value Prediction 2024-25
Its Relative Power Index (RSI) additionally appeared bullish, because it registered a pointy uptick.
Subsequently, contemplating BOME’s liquidation ranges and SOL’s bull sample, the probabilities of each of those cryptos beginning a bull rally at first of Q2 appeared doubtless.
Supply: TradingView