Dolos The Bully (BULLY), a memecoin built on the Solana blockchain, hit a new all-time high price on Wednesday (27). This milestone comes after a 700% jump in seven days.
With that in mind, memecoin holders may be wondering whether the price could rise even further. This analysis examines that possibility.
BULLY rises and shows bullish potential
BULLY is currently trading at $0.23, marking a significant increase in its value. In 24 hours, the price has surged by 72%, contributing to an impressive 700% increase so far this week. This meteoric rally indicates growing interest and bullish momentum around the asset.
It is worth noting that the project was created with a connection to an AI language model built on the Llama 3.1 architecture. The token also embodies a persona that blends the cunning and deceit of Greek mythology with the fast and sharp dynamics of crypto culture on X, similar to tokens like Goatseus Maximums (GOAT).
However, BULLY’s rapid gains come with volatility. According to Messari, volatility around the token has been increasing since November 20. This suggests that massive buying or selling pressure could lead to a rapid rally or decline.
Dolos The Bully volatility. Source: Messari
Additionally, the Sharpe Ratio has recently risen, further supporting its price trajectory. This metric assesses an asset’s performance considering the risk it assumes.
This indicates that the reward of holding or trading the cryptocurrency outweighs the risk, suggesting favorable investment potential. On the other hand, a negative Sharpe Ratio warns that the asset may not offer satisfactory returns relative to the risks involved.
In this sense, it implies that the memecoin will likely continue its price increase as long as the metric remains positive. This is in line with the recent 72% daily and 700% weekly increase, reflecting the market’s growing confidence in the token.
Dolos The Bully Sharpe Ratio. Source: Messari
Price Prediction: Bigger Jumps Next?
On the 4-hour chart, the memecoin price has risen above the 20-day Exponential Moving Average (EMA). This means that the price is likely to continue its upward trend and could rise to $0.30.
Dolos The Bully 4-hour analysis. Source: TradingView
However, if selling pressure increases, this may not happen. In this scenario, BULLY may fall below $0.16.
The article What to expect from BULLY, the Solana memecoin that has soared 700%? was first seen on BeInCrypto Brasil.
