BOME Staged a Strong Comeback, Soaring to Its Highest Point Since July 31st

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.

Solana meme coin Book of Meme (BOME) has staged a strong comeback, surging to its highest point since July 31st. It has risen for six consecutive days and has more than doubled from its lowest level this year.

BOME price

The Book of Meme token surged in a high-volume environment as the sentiment in the crypto industry improved.

According to CoinGecko, its 24-hour volume rose to over $1.19 billion, a remarkable figure 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, respectively. 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 soared by over 15% to $9.45 billion, which was higher than Ethereum’s $8.95 billion.

The Book of Meme’s surge also coincided with a big increase in futures open interest, which rose to a record high of $200 million. Most of this interest was on popular exchanges like Binance, Bybit, and OKX, indicating more demand.

Furthermore, the number of Book of Meme account holders has increased to over 85,000 as its price surged. However, a concern is that large holders have a big stake in the token. According to data, the top 10 holders hold 75% of all tokens, while the top 20 holders hold 81.7%.

BOME faces crucial resistance

BOME/USD daily chart

The daily chart shows that the BOME token bottomed out at $0.0053, forming a double-bottom pattern.

It has since rebounded and crossed the critical resistance level at $0.0082, marking its highest swings in August and September.

The token has also retested the key resistance at $0.01132, which is its highest level in July and the 23.6% Fibonacci Retracement level.

Moreover, it has moved above the 25-day Exponential Moving Average (EMA), and the MACD and Relative Strength Index (RSI) have inclined.

Therefore, the Book of Meme token will likely continue rising as bulls aim for 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.