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FLOKI Rally- FLOKI Futures Open Interest Hits Record High
FLOKI Rally– FLOKI surged an impressive 40% to hit $0.000138 on July 17, marking its highest level in six months. Though it slightly pulled back to $0.000129, the token remains up 175% since its April lows, signaling strong bullish momentum.
Bullish Breakout Signals Trend Reversal
The recent rally kicked off when FLOKI decisively broke out of a long-term descending trendline and completed a successful retest on the daily chart. After being trapped in a downtrend since late 2023, characterized by lower highs and lows, FLOKI started showing signs of strength in mid-May by forming higher lows—hinting that buyers were returning.
This structural shift was confirmed with the breakout in early July, turning the old resistance into solid support. FLOKI is currently holding above $0.00012, comfortably above the trendline that had capped its price for months. Moreover, FLOKI escaped a descending parallel channel formed since May, reinforcing the bullish outlook.
Next Resistance Levels and Technical Signals
The memecoin now faces resistance near the 61.8% Fibonacci retracement at $0.000167. A daily close above this could pave the way to the 78.6% Fib level around $0.000196, roughly 52% higher from current prices.
Technicals further support the upside—FLOKI recently posted a golden cross as the 20-day SMA crossed above the 50-day SMA, often a strong signal for extended rallies. Should a pullback happen, the 50% Fib level at $0.000102 could provide a key support floor.
On-Chain Growth and Market Buzz
Futures open interest surged to an all-time high of $76.7 million, jumping 88% in just one day. Positive funding rates for over a week reinforce traders’ confidence. Meanwhile, Nansen data shows daily active addresses more than doubled, signaling rising user engagement.
Speculation about a potential Robinhood listing has also ignited excitement on social media, fueling demand despite no official confirmation yet.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
