Book of Meme (BOME), a popular Solana meme coin, has staged a strong comeback, soaring to its highest point since July 31st. It has risen in the past six consecutive days, and has more than doubled from its lowest level this year.
BOME surges on high volume
Book of Meme token surged in a high-volume environment as the sentiment in the crypto industry improved.
Data by CoinGecko shows that its 24-hour volume rose to over $1.19 billion, a remarkable number for a coin valued at over $742 million. Its volume was higher than that of Dogecoin and Shiba Inu, which are valued at $17 billion and $10.8 billion combined. Only Pepe and Dogwifhat had a higher volume in the spot market.
Book of Meme’s surge also coincided with the rebound of other Solana meme coins. Cat in a dogs world (MEW) jumped by over 17% in the last 24 hours, while Bonk, Popcat, and Dogwifhat were in the red. As a result, the weekly volume traded in Solana DEX networks has soared by over 15 to $9.45 billion, higher than Ethereum’s $8.95 billion.
Book of Meme’s surge also coincided with the big increase in futures open interest, which rose to a record high of $200 million. Most of this interest was in popular exchanges like Binance, Bybit, and OKX, and is a sign of more demand.
Also, the number of Book of Meme account holders has increased to over 85,000 as its price has surged. The challenge, however, is that large holders have a big stake in the token. Data shows that top 10 holders have 75% of all tokens, while top 20 hold 81.7%.
Book of Meme hits a crucial resistance
BOME chart by TradingView
The daily chart shows that the BOME token bottomed at $0.0053, where it formed a double-bottom pattern.
It has now rebounded and crossed the important resistance level at $0.0082, its highest swings in August and September.
The token has also retested the key resistance at $0.01132, its highest level in July and the 23.6% Fibonacci Retracement level.
It has also moved above the 25-day Exponential Moving Average (EMA), while the MACD and the Relative Strength Index (RSI) have tilted upwards.
Therefore, the Book of Meme token will likely continue rising as bulls target the 50% retracement point at $0.017, which is about 57% above the current level. These gains will be confirmed if the token crosses the 38.2% retracement point at $0.014 and if Bitcoin continues rising.
