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.
The tokens held at $0.000030 in 2022 seem to have been moved with the aim of profit-taking due to the profit margin. This is not the only reason fueling the motivation for a drop. As mentioned earlier, FLOKI Coin holders have been waiting at the peak for a long time, expecting further increases.
However, the number of patient investors is decreasing. The number of addresses holding FLOKI Coin valued between $100,000 and $10 million has also decreased. This weakness in the investor group confirms the general abandonment. Because when they accumulate in the opposite direction, the price increase signal also comes from this group.
If the selling trend continues, we might see FLOKI Coin prices plummet further. And if this turns into a mass sell-off by long-term profitable investors, it could undermine medium-term performance optimism.
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.
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.”
