FLOKI trend reversal depends on THIS key factor unfolding

• The positive sentiment and interactions around Floki Inu have grown significantly in recent days.
• However, despite the price increase, the holders remained unprofitable.

Once upon a time, Floki Inu [FLOKI] It was left behind when other memecoins entered the market and flooded social media platforms with advertising. However, recent data suggests that this may finally be changing.

An increase in popularity

According to LunarCrush data, FLOKI has dominated the field in terms of social activity. Aside from Solana, memecoin has outperformed all other coins in this space. In the last 24 hours, positive sentiment around the altcoin grew by 89%. Additionally, the number of interactions FLOKI had on social media platforms also increased.

As Floki is a memecoin, the success of the token depends on its popularity on social media.

looking at the price

Due to increased activity on social media platforms, the price of FLOKI increased sharply. In the last 24 hours alone, the price of FLOKI rose by 6.19%. However, this price increase did not translate into an upward trend. In fact, since March 28, the price of FLOKI has fallen on the charts. After the price drop, FLOKI continued to make lower highs and lows, indicating a bearish trend.

For FLOKI to reverse the trend and rise again, its price would have to break above the $0.00020873 level in the future. It would take a massive bullish push to do the same. While FLOKI’s RSI (relative strength index) rose to 51.4, the increase was not significant enough for a big move.

Additionally, the CMF (Chaikin Money Flow) of the token also decreased, pointing to increased selling pressure in the FLOKI markets. Whether or not FLOKI price succumbs to selling pressure remains to be seen.

How are the starters doing?

A huge factor contributing to the selling pressure of a token is the profitability of the addresses. If holders become profitable in a very short period of time, they are very likely to sell their holdings. This was not the case with FLOKI.

AMBCrypto’s analysis of Santiment data revealed that FLOKI’s MVRV index declined, indicating that most holders are yet to make profits. This means that the price of FLOKI could rise further before holders engage in profit-taking, subsequently triggering a correction.

Realistic or not, here is FLOKI market cap in BTC terms

This is an automatic translation of our English version.