Book of MEME (BOME), a memecoin based on Solana (SOL), experienced a significant surge of over 5% in the last 24 hours, indicating a positive shift in its market performance. Last week’s crypto market crash caused bearish sentiment among investors, leading to a dip in BOME’s market capitalization by more than 37%. However, Solana whales took advantage of the situation to accumulate BOME at a lower price, triggering a bullish trend in the memecoin.
Despite the recent recovery in BOME’s value, market indicators still suggest a bearish outlook for the memecoin. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both indicate a potential downturn in BOME’s price action, hindering its ability to fully regain its lost market cap in the short term. While BOME’s market cap in BTC terms remains uncertain, Solana also exhibited signs of recovery, with a 5% surge in value after a 15% drop last week, reflecting growing investor confidence in the token. The future trajectory of BOME will heavily depend on its ability to surpass key resistance levels and sustain a positive market sentiment.