- SOL has moved slightly over the past 24 hours.
- The exponential rise in BOME could also help the price of SOL.
The popularity of meme coins has skyrocketed over the past few months. One such token was Book of Meme (BOME). Solana (SUN) It gets a lot of traction.
However, as the market turned bearish, both these cryptocurrencies came under bearish control.
How Solana and BOME Helped Each Other
Over the past 30 days, BOME has shown some impressive performance that has contributed somewhat to Solana’s bull market.
According to CoinMarketCap, BOME has taken the market by storm with its value surging nearly 1500% in the past month. Accordingly, SOL also rose by more than 53%.
It was also interesting to look at the relationship between the two tokens from a social perspective.
In particular, AMBCrypto’s analysis of Santiment’s data shows that social volume for both cryptocurrencies surged significantly between March 16 and 18.
Source: Santiment
In fact, both prices appear to be continuing a similar trend at press time, as they have only moved slightly over the past 24 hours.
While BOME is trading at $0.01461, SOL is worth $196.86. Trading volumes for both cryptocurrencies also decreased by 28% and 38%, respectively.
Will history repeat itself?
Since the operations of both cryptocurrencies are closely related, AMBCrypto planned to check their metrics in the second quarter of 2024 to see if they can benefit from each other.
AMBCrypto’s analysis of Hyblock Capital’s data shows that BOME heading north has not seen much liquidation to its all-time highs.
So if BOME does indeed begin a rally in April, it is likely that it will reach or even exceed ATH.
Source: Hiblock Capital
So, if the price of BOME strengthens, we may see the price of Solana move north in the coming months. I checked the daily chart to see if anything was working in SOL’s favor.
AMBCrypto’s analysis shows that the price of SOL is moving in a bullish ascending triangle pattern at press time. A breakout of that pattern could signal another bullish rally for SOL.
read Solana (SOL) Price Prediction 2024-25
The relative strength index (RSI) also showed strength, recording a sharp rise.
Therefore, given BOME’s liquidation levels and SOL’s bullish pattern, it seemed likely that both cryptocurrencies would begin a bullish rally early in the second quarter.
Source: TradingView