Last week saw a remarkable 11.31% increase in BOME’s value. The recent filing of a Solana ETF by VanEck has sparked a surge in Solana meme coins. Despite a challenging month for the crypto market with a bearish trend causing tokens to hit new lows, there is now a sense of optimism as prices show signs of recovery. Particularly noteworthy is the recent surge in Solana meme coins, largely driven by news of VanEck’s groundbreaking move to file for the United States’ first Solana ETF.
Tokens like BONK, POPCAT, PONKE, and BOME have all seen significant gains. BOME, in particular, has displayed a mildly bullish trend with an 8.62% rise in demand, pushing its price to $0.01013. Its trading volume skyrocketed by 238% to $224 million.
The filing of a Solana ETF by VanEck reflects the regulatory path taken by Bitcoin and Ethereum ETFs, which encountered substantial obstacles. According to James Seyffart, a research analyst at Bloomberg Intelligence, the absence of a formal 19b-4 filing upon submission could potentially postpone the ETF’s launch until around mid-March 2025.
Despite the hurdles, the increasing acceptance of digital assets on Wall Street showcases a rising interest in cryptocurrency investment avenues within traditional financial markets. The question now arises: Will BOME’s price reach new heights?
BOME has witnessed significant price volatility, with a 31.59% drop over the past month followed by a rebound of 11.31% in the past week. Currently, its daily Relative Strength Index (RSI) sits at 49.17, indicating a neutral momentum zone, while the Exponential Moving Average (EMA) suggests a selling trend.
Looking forward, if BOME maintains its upward momentum, it may encounter initial resistance levels around $0.01020 and $0.01028, with further potential gains pushing it towards $0.01037. Conversely, a retreat from current levels could find support initially at $0.00912, with further backing at $0.00806 and $0.00712 in case of sustained selling pressure.
In other news, speculation is rife about whether Ripple (XRP) is on the brink of a significant breakthrough.