Meme tokens’ popularity has significantly increased over the last few months. Another altcoin that exemplifies this trend is Book of Meme (BOME), which has also contributed to attracting more interest in Solana (SOL). However, with the market showing a downward trend, these two cryptocurrencies have come under the control of the bears. BOME, displayed an incredible performance in the last 30 days, which has also contributed to Solana’s bullish rally to some extent.
BOME Sees a 1500% Increase
According to the website 21milyon.com, BOME created a significant impact in the market with an approximate 1500% increase in value last month. Consequently, SOL also increased by over 53%. An analysis of Santiment’s data revealed that the social volumes of both cryptocurrencies significantly increased between March 16-18. With both prices showing very little movement in the last 24 hours, they appear to still maintain similar trends at the time of writing.
While BOME was trading at $0.01461, SOL’s value was at $196.86. In addition, the trading volume of both cryptocurrencies fell by 28% and 38% respectively. An analysis of Hyblock Capital’s data showed that BOME, on its way up, did not experience much liquidation until reaching its all-time high.
BOME’s April Forecast
Therefore, if BOME starts a bull rally in April, it could have a high chance of reaching and even surpassing its all-time high (ATH). Consequently, if the BOME price gains upward momentum, one could also witness Solana‘s price moving upwards in the coming month. Experts’ analysis of the SOL price at the time of writing showed it moving in an ascending triangle formation.
An exit from this formation could mean another bull rally for SOL. The Relative Strength Index (RSI) also indicates an uptrend as it has recorded a sharp rise. Therefore, considering BOME’s liquidation levels and SOL’s bullish period, it seems likely that both cryptocurrencies could initiate a bull rally at the start of the second quarter.
