FLOKI has risen by 7%, and it is expected to surge again before Bitcoin halving

With Dogwifhat[WIF] taking the spotlight in the memecoin space, tokens such as Floki Inu[FLOKI] have been left behind. However, as the hype around WIF has stabilized, the overall interest in FLOKI has grown.

FLOKI regains popularity

According to data from LunarCrush, the sentiment around FLOKI has risen significantly. In addition, the overall social activity around FLOKI has also increased. In this regard, FLOKI has outperformed WIF, DOGE, and BONK, taking the top spot.

Due to these factors, the price of the token has surged. In the past 24 hours, the price of FLOKI has increased by 7.17%. Although social indicators are in favor of FLOKI, the memecoin has been unable to reverse the current trend.

Since testing the $0.00030927 level on March 14, the price of FLOKI has fallen by 30.51%. During this period, the price of FLOKI has made multiple lower lows and lower highs, establishing a bearish trend.

FLOKI needs to break above the $0.0002558 level to break the current bearish trend in hopes of a reversal. Moreover, FLOKI’s RSI (Relative Strength Index) has reached 65.14, indicating slightly overbought levels.

This suggests that FLOKI’s price may have risen too fast and could see a correction in the short term.

Moreover, the Chaikin Money Flow (CMF) has reached -0.01 levels, indicating weak buying pressure, which could be consistent with the ongoing downtrend.

Another factor that could hamper FLOKI’s growth is the token’s declining network growth. AMBCrypto’s analysis of Santiment data shows that FLOKI’s network growth has fallen sharply over the past few days.

This means that new addresses are not showing much interest in FLOKI tokens.

Furthermore, the velocity of FLOKI tokens has also dropped, meaning that FLOKI is being traded less frequently.

This suggests that the recent surge in price could be due to accumulation by older holders who decided to buy more FLOKI.