[Solana Meme Coin Rebounds, Book of Memes Up 24%: Will BOME Explode? 】
Book of Memes (BOME) is the fourth largest meme coin on Solana, behind Dogwifhat, Bonk, and Popcat, with a price increase of over 24% in the latest week. Currently, BOME is also trending upward in the past 24 hours, rising 4.7%.
BOME rose to $0.009205 on Friday morning, its highest level since hitting a low of $0.00674 on July 5. The meme coin’s rise has been correlated with the price of Solana (SOL), which has risen from nearly $122 at the beginning of the month to currently over $160, peaking at $164, its highest level since falling below $175 on June 5. Cryptocurrency analyst Ali Martinez said Solana could rise to $175 if the bull market takes control.
This bullish outlook could be bolstered by potential catalysts such as spot Ethereum ETFs, the U.S. elections, and the meme coin craze, which could explode in the coming months. A rise in the Solana meme coin will set BOME up against the bears near the key $0.01 level. BOME traded at this high in late June, with prices hovering around $0.015 in May.
The highest price for Book of Memes was $0.02689, reached in March when Bitcoin reached all-time highs and Solana traded above $200. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily chart show bulls taking advantage. The RSI is above 50 points and the MACD line is currently above the signal line after a bullish crossover. Despite being below the zero line, the previous crossover saw BOME price record a nice gain.
If the price drops and sellers take over the market sentiment, Book of Memes could revisit key support near $0.0072.
