Solberg Invest on X made a FLOKI meme coin analysis, suggesting the crypto could be ready for a major spike if certain conditions are met.
He presented a chart from TradingView that shows an ascent in the value of FLOKI, marked by green candlesticks indicating a 12-fold increase from its previous low. This initial surge is a testament to the potentially lucrative nature of meme coins, capturing the attention of investors.
FLOKI First Retest and Second Retest
Following this significant rise, the price of FLOKI experienced a pullback, a common occurrence in technical analysis known as a retest. This first retest, as shown in the chart, indicates that the price revisited the breakout level to establish it as a new support zone. Such behavior is often seen as a bullish sign, suggesting that the market has accepted the new price level, paving the way for further gains if this support holds.
The analysis doesn’t stop at the first retest. The chart further reveals a second pullback to the same support level, labeled as another “Retest”. This second touchpoint is crucial as it reinforces the notion that the support is strong and reliable. For traders, this pattern suggests that FLOKI price could be building a solid foundation for its next potential move upwards, indicating confidence in the coin’s market position.
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FLOKI Eyeing a 10X Surge
Based on the chart the upward arrow, symbolizes the potential for FLOKI price to embark on another price increase. If the support levels established during these retests hold firm, the crypto market could witness a FLOKI price surge by another 10 times its current value. This prediction aligns with the bullish sentiment expressed by the analyst post.
In summary, the technical analysis of FLOKI price movement presents a compelling case for potential growth. With two confirmed retests and a strong support level, the stage is set for FLOKI price to potentially multiply its value by 10x, provided the market conditions remain favorable.
