Is Floki (FLOKI) Primed for a Sustained Rally After Grabbing Attention with a Coinbase Listing?

Floki [FLOKI] is grabbing attention after a remarkable streak of positive developments, most notably its Coinbase listing on the Ethereum [ETH] network.

Memecoin Floki [FLOKI] has been the talk of the crypto town after a string of positive developments. One key highlight was FLOKI’s recent listing on the Ethereum [ETH] network by Coinbase.

This milestone occurred as the memecoin’s Total Value Locked (TVL) hit a record $189.8 million, highlighting its growing adoption. At press time, FLOKI was trading at $0.0002579, showcasing a 5.96% daily gain.

Furthermore, the 24-hour trading volume skyrocketed by a massive 148.19% to reach $1.39 billion, indicating traders’ heightened interest in the token. Together, these factors brought into question whether FLOKI was setting up for a prolonged rally.

Floki’s price action on the weekly chart revealed a bullish breakout from a flag pattern. Typically, this breakout signals the start of a strong upward trend.

Confirmation of this bullish breakout was provided by the 9- and 21-period Moving Average (MA) cross, where the 9-period MA moved above the 21-period MA, suggesting a continuing upward trajectory.

Adding more optimism to the analysis was the Relative Strength Index (RSI), which stood at 64.18 at press time. Despite inching closer to the overbought zone, the RSI still indicated potential for further price gains.

Collectively, these technical indicators hinted at the possibility of FLOKI maintaining its upward momentum in the upcoming days.

On-chain metrics further supported FLOKI’s bullish narrative where Net Network Growth was up by 2.53%, signaling more participants joining the ecosystem.

Moreover, token concentration saw a slight but steady improvement, highlighting growing investor confidence in the token’s potential.

However, large transactions declined by 10.71%, showcasing caution by bigger holders. So, while retail interest surged, institutional players may have been observing from the sidelines.

Crucially, the Open Interest in Futures contracts jumped by 22.19%, amounting to $39.25 million at press time. This surge denoted a strong buildup of positions by investors anticipating further price movements.

Combined with the token’s “mostly bullish” sentiment score, it was clear that enthusiasm for $FLOKI was running high. As a result, this increased engagement could translate into greater price action in the near term.