FLOKI – Is a 210% rally on the cards for this memecoin's price action?

• At press time, FLOKI's price action looked set for a potential rally.
• Traders should ideally look at key liquidation levels

FLOKI's price, at the time of writing, was finally breaking out, signaling the possibility of a significant price increase. After a three-month storage period, it looks set for a bullish breakout, which could lead to a new ATH on the chart.

The current market environment, coupled with FLOKI's history as a strong contender among memecoins, suggests it could see a 210% price increase in the near future.

As it rides this wave of optimism, now would be a good time for long-term traders to consider adding FLOKI to their portfolio. Especially as it looks poised to follow Dogecoin (DOGE) – a memecoin that has already hit a four-month high.

Source: TradingView

An important area to look at is FLOKI's liquidation heatmap. For example – there is significant liquidation just below the press time market price in the $0.0001560 price zone.

Since prices often tend to gravitate towards areas of high liquidity, there is a strong possibility that FLOKI will dip towards this level before potentially going higher.

On the upside, there is also a high leverage liquidation above the $0.0001650 price. It suggested that traders should be cautious but optimistic about FLOKI's near-term price movements.

Source: Coyonglas

FLOKI's open interest and vol

Meanwhile, crowd sentiment is buzzing with speculation surrounding Bitcoin's expected breach of $70k, causing many traders to shift their focus to high-risk, high-reward memecoins.

Discussions about FLOKI and other memecoins reached their highest level in five months, indicating growing interest in speculative assets.

However, some traders remain cautious as historical data suggests the market is often right when attention shifts away from Ethereum and Bitcoin to smaller, riskier coins. Despite this, however, it continues to defy expectations by showing promising signs of sustained upward momentum.

Source: Sandhi

In terms of open interest and volume, FLOKI is in a strong position. At press time, open interest stood at $21.59 million, with a 24-hour trading volume of $81 million.

This level of activity puts FLOKI in a prime position to continue its breakout, with traders increasingly attracted to the prospect of higher returns.

Source: Coyonglas

Memecoins are known for their volatility. However, FLOKI's ongoing trajectory, combined with favorable market conditions, looks like it could be on the verge of a major rally.

However, caution should always be exercised with speculative assets, and traders should carefully monitor key support and resistance levels.

With FLOKI breaking out and a strong crowd feeling behind it, it could hit new heights soon, making it one to watch.