Solana Whales Buy BOME During Market Crash: A Sign of Recovery?
Journalist
- BOME has risen by over 5% in the last 24 hours.
- Technical indicators for the memecoin pointed to a bearish trend.
Last week’s market crash fueled a pessimistic sentiment in the market as most cryptocurrencies lost value. While some panicked, whales took the opportunity to buy up. Book of MEME [BOME] was one of those Solana [SOL] -based cryptocurrencies that whales chose to buy.
BOME initiates recovery
The last few days have been disastrous for the crypto market as most coins, including BOME, lost significant market capitalization. According to CoinMarketCapthe memecoin’s value has fallen by more than 37% in the past week.
Interestingly, after the market crash, Solana whales took the opportunity to buy the memecoin. According to a recent tweet by Lookonchain, a whale withdrew 15,751 SOL worth $2.25 million from Binance.
He then spent 4,623 SOL worth $661,000 to buy 67.53 million BOME for $0.0098.
The whale demand provided the much-needed impetus for BOME to start its recovery as the market situation turned bullish.
Over the past 24 hours, the BOME chart turned green as its value increased by more than 5%. At the time of writing, it was trading at $0.00894, with a market cap of over $493 million.
It was surprising to note that the recent price surge did not positively affect market sentiment. AskFX’s look at data from Santiment revealed that the memecoin’s weighted sentiment remained low.
This meant that bearish sentiment surrounding the token dominated the market. Notably, its social volume also declined after skyrocketing on April 12, indicating a decline in popularity.
Source: Santiment.
Can BOME fully recover this week?
After BOME’s chart turned green, AskFX consulted Hyblock Capital to see if the memecoin could fully recover this new week.
According to our analysis, the memecoin is likely to face a major liquidation at around $0.010. The memecoin must rise above this threshold to recover the previous week’s loss.
BOME could reach $0.013 by the end of the coming week if a breakout occurs.
Hyblock Capital
Unfortunately, market indicators have turned bearish on BOME. The Relative Strength Index recorded a slight decline.
The Chaikin Money Flow was also below the neutral level. BOME’s market cap may not be able to recover in the short term in case the BOME price turns bearish again.
TradingView
If you’re a realist, this is the market cap of BOME in BTC
However, Solana showed similar signs of recovery as its price rose by almost 5% after a 15% drop last week. SOL’s market cap was $66.4 billion at press time. At the time, SOL was trading for $148.84.
Good news! The token’s sentiment chart has improved, showing that investor confidence in SOL is increasing. Source: TradingView.
