Floki Inu (FLOKI) Price Prediction: What Next after 530% Rally to all-time high ?

Floki Inu (FLOKI) price entered a 25% pullback to $0.0000025 on March 15, barely 24 hours after reaching an all-time high price of $0.000031. On-chain analysis how a recent swing in a critical catalyst that drove rally could influence the FLOKI price action in the coming days.

Will FLOKI price drop further or enter another major leg-up after the consolidation phase?

FLOKI Media traction has dropped by 50% this week

Floki Inu is a prominent memecoin hosted on the Ethereum blockchain network. Spikes in global demand for memecoins in recent weeks drove FLOKI token price up by 530% in the first half of March 2024 alone.

Like most memecoins, the FLOKI rally leaned heavily on social media narratives and bullish comments from its global fanbase. However, on-chain data trends suggests the Floki Inu media traction has been in decline ove the past week.

Sanitment’s Social Dominance chart below tracks the daily number of times a particular cryptocurrency project, or its ticker price is mentioned across various relevant crypto media channels like reddit, x, telegram etc.

As seen above,  FlOKI attracted 0.75% of all crypto media comments on March 2, just as the price rally broke out. After a brief dip, it swung to another peak of 0.6% on March 9 which set the stage for the last wave of the price rally last week.

But since March 9, Floki Inu social media mentions have been in a steep decline. The 0.3%  Social Dominance recorded at press time on March 15 represents a 50% drop off.

In a media sensitive sector like the memecoin market, assets stand at risk of rapid price downswings once their traction and mentions begin to decline.

Without a significant upturn in FLOKI media mentions, prospective investors could overlook it, while existing holders could begin exiting their positions to FOMO-in on the meme tokens ranking higher on the Social media trends-table.

Floki Inu Price Prediction: Downswing to $0.20 ahead?

Based on the media trends over the past week, Floki Inu appears to be losing traction to rival communities like Dogwifhat (WIF) and PEPE. And after a 530% price rally in the last two weeks, FLOKI price could now be on the verge of a price reversal.

On the daily time-frame chart, the Bollinger bands technical indicators shows that FLOKI is hanging precariously around the $0.00025 mark. Failure to hold steady above that key support level could open the doors to rapid decline below $0.00020.

Conversely, if a major market event or team announcement is able to stir up optimism across the Floki Inu community in coming days, the bulls could flip the chart again. Also, the consolidation could offer a chance to new investors looking to ape at lower prices.

In this scenario, the upper-limit Bollinger band shows that FLOKI bulls must claim a steady support base above $0.00030 to reassert their dominance.