Will a 1500% BOME rise in 30 days drag Solana to $250?

  • SOL has moved marginally in the past 24 hours.
  • BOME's accelerating rise may help the SOL price as well.

The popularity of meme coins has skyrocketed over the past few months. One such icon was the Book Meme [BOME]which also helped Solana [SOL] Get a lot of traction.

However, with the market turning bearish, both cryptocurrencies are under the control of bears.

How Solana and Boom benefited from each other

In the last 30 days, BOME has delivered an amazing performance that has also contributed somewhat to Solana's bull run.

according to CoinMarketCap, BOME has taken the market by storm as its value has risen by nearly 1,500% in the past month. As a result, SOL stock also rose by more than 53%.

It was interesting to see the relationships between the two icons on the social front as well.

Notably, AMBCrypto's analysis of Santiment data revealed that the social volume of both cryptocurrencies increased significantly between March 16th and 18th.

The social volume of Solana and BOME has increased

Source: Santiment

In fact, they appear to be still continuing their similar trends at press time, as their prices have only moved marginally over the past 24 hours.

While BOME was trading at $0.01461, SOL was valued at $196.86. In addition, cryptocurrency trading volume also decreased by 28% and 38%, respectively.

Will history repeat itself?

Since the actions of both cryptocurrencies were closely linked, AMBCrypto planned to check their metrics to see if they could benefit from each other in Q2 2024.

AMBCrypto analysis of Hyblock Capital data revealed that the northbound BOME did not have much of a liquidation to reach its all-time high.

See also  Stocks fall, bond yields rise on inflation fears

Therefore, if BOME indeed starts a bullish rally in April, the chances of touching and even surpassing ATH are high.

Source: Hyblock Capital

So, if BOME price gains upward momentum, we may also see Solana price move north in the next month. To see if anything was also working for SOL, we next checked the daily chart.

AMBCrypto analysis revealed that SOL price was moving in an ascending triangle pattern at the time of publication. A breakout from this pattern could mean another bullish rally for SOL.

is reading Solana [SOL] Price prediction 2024-25

The Relative Strength Index (RSI) also looked bullish, posting a sharp rise.

Therefore, given BOME's liquidation levels and SOL's bullish pattern, the chances of both of these cryptocurrencies to initiate a bullish rally at the beginning of Q2 seems likely.

Source: Trading View

Leave a Reply

Your email address will not be published. Required fields are marked *