[What’s next for Solana’s BOME price after rising 2,200% in March? 】
Book of Meme (BOME) ended March 2024 at $0.015, recording a staggering growth of over 2,265%, and recent social media trends suggest more gains may be in store in April.
Solana’s meme coin ecosystem has been performing well since the beginning of the year, led by Dogwifhat (WIF) and BONK. But recently listed Book of Meme has stood out from the rally in recent weeks.
Book of Meme was launched on the Solana platform on March 14 and became an immediate success, becoming the third largest meme project in the Solana ecosystem in its first week.
While WIF and BONK surged in price due to media attention, Book of Meme prices have been stable since March 19, consolidating between $0.01 and $0.015. However, current media trends suggest that BOME may be at a possible turning point.
Negative comments about BOME now outweigh positive and rave words, according to Santiment's weighted sentiment indicator. This suggests that new strategic investors may consider entering the market when market speculation cools down.
While Book of Meme’s price has been stable since March 18, market liquidity and investor interest have remained at healthy levels. The volume to market capitalization (TVMC) ratio of 1.3 shows that BOME is well positioned for price growth in the short term, as new investors may consider BOME to be undervalued relative to its trading activity.
Low media hype and a high TVMC ratio provide an opportunity for BOME to attract new capital inflows, potentially triggering another price breakout in the coming days.
Currently, BOME price is just above $0.015, with low media hype and a 130% TVMC ratio suggesting a possible price increase in the coming days. However, selling pressure near $0.018 is challenging BOME. If Book of Meme can break out of this area, a breakout to $0.02 could be imminent.
Conversely, if the key $0.01 support level fails, BOME could fall into a prolonged decline, but this seems unlikely given the ample liquidity in the market and the overall positive sentiment towards the Solana meme coin ecosystem.
