- One crypto analyst says Floki is the crypto to watch this year, drawing parallels with DOGE in 2021 when it went on a record-breaking price surge after trading sideways and accumulating.
- The analyst also backed Chainlink and Solana to set new highs this year, with the “extremely undervalued” LINK projected to hit $100, a 500% jump from its current price.
Floki is the crypto to watch this year, says one crypto guru who believes that meme coin is destined to embark on an unprecedented run in the current bull cycle.
At press time, Floki is trading at $0.00002773, and despite some mild volatility in the past day, it has remained stuck in the same price level, giving it a market cap of $265 million.
Floki’s volatility has dropped drastically this year. In the past week, its price only changed by 1.48%, and since the year started, it has traded within a 10% volatility range. However, its average trading volume has dipped; in the first two weeks, it comfortably pulled in around $20 million daily, but in the past 24 hours, it has recorded $9.4 million.
Despite the lackluster performance, analyst Immortal Crypto tells his 200,00+ followers on X that FLOKI will set new highs this year.
“FLOKI is THE meme coin for this bull run. You can try to change my mind, but you won’t succeed,” he stated.
The analyst drew parallels between Floki’s trading patterns in the past year and Dogecoin’s in 2021. Throughout 2020, DOGE traded sideways and was in an accumulation phase. However, starting in February 2021, the leading meme coin embarked on a massive bull run that saw DOGE hit its all-time high of $0.751 in May 2021.
Dogecoin has since lost 90% of its value and trades at $0.0786 at press time, enough to cement its position in the top 20 cryptos with a market cap of $11.23 billion. At its peak, Dogecoin’s market cap was close to $90 billion, the same as that of Swiss banking giant UBS in today’s market.
Immortal Crypto believes that Floki will take a similar path and that, after the past year’s accumulation, it’s set to go on a bull run.
However, it’s worth noting that when Dogecoin made its record-breaking run, it was the first meme coin to achieve widespread mainstream interest. Since then, several other meme coins have come by, and while some, like Shiba Inu, have managed to garner sustained investor interest, most haven’t.
Additionally, Floki has recorded a similar surge to DOGE in the past. In November 2021, FLOKI hit its all-time high of $ 0.000341. Since then, it has lost 91% of its value.
Chainlink and Solana to Hit New Highs, Says Analyst
Apart from Floki, Immortal Crypto believes that Chainlink and Solana will hit new highs. On Chainlink, he says:
After complex mathematical calculations and years of research, I have come to these conclusions:
1. LINK is extremely undervalued (I have been saying this since it was at $6 lmao).
2. At some point in this cycle: one LINK = $100.
With Solana, he believes that its ability to maintain value despite its network going down (for the umpteenth time) shows we are in a bull cycle.
$SOL chain went down, price didn't.
In a bearmarket you would have seen a -20% candle.
What else do you need to finally accept where we are in the cycle?
— Inmortal (@inmortalcrypto) February 6, 2024
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