On-chain activities have greater impacts on prices when the overall market sentiment is negative. FLOKI Coin is an altcoin that investors believe will continue its long-awaited rise. The recent drop in BTC price has supported double-digit losses in the last 24 hours due to on-chain activities. So, what happens next?
FLOKI Coin Commentary
FLOKI is lingering at $0.00012, and a wallet that had been inactive for two and a half years has become active again. Spot On Chain analysts believe this wallet is directly connected to the team. 15.22 billion FLOKI Tokens worth $2.27 million were transferred to the Binance exchange. Such transfers to centralized exchanges usually trigger price drops and are made for selling.
FLOKI Coin Price Prediction
On the technical front, as shown by the Balance of Power (BoP), FLOKI Coin may experience further declines. This indicator tracks the dominance of buyers over sellers in the markets. A high BoP value also reflects strong buyer momentum and supports price increases. Conversely, as is the case today, it fuels the expectation of a decline.
Analysis by Popular Crypto Analyst Scofield
If the selling pressure trend and the on-chain decline signals from the first section remain strong, FLOKI Coin price could fall to $0.000096. Popular crypto analyst Scofield wrote in his latest assessment: 'When the current decline in FLOKI ends, I expect it to rebound aggressively, as it has historically, leaving many behind. Floki is already more famous than most meme coins and continues to strengthen its fundamentals despite this.'
If current trends hold, FLOKI Coin may experience further price declines. Long-term investors should closely monitor on-chain activities and technical indicators to make more informed decisions.
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