FLOKI eyes 105% gain amid bullish setup

FLOKI (CRYPTO:FLOKI) is showing signs of an imminent rally as it consolidates within a known bullish pattern.

Over the past week, the token has gained 28.64%, while its monthly performance has surged by 61.78%.

However, recent trading saw a minor 4.27% dip over the last 24 hours.

Despite this slight decline, FLOKI remains positioned for further growth, supported by strong market interest and increased adoption.

The weekly chart indicates that FLOKI is in a consolidation phase, a setup that typically precedes a significant breakout.

Should the token break out of this phase, it could mirror its previous price movement and potentially gain 105.94%, reaching a price of $0.00058053.

Before this potential rally, however, FLOKI might test a support level at $0.00020546.

According to data from IntoTheBlock, FLOKI’s adoption has hit an all-time high, with about 80,200 addresses holding the asset as of November 18.

This level of participation signals growing interest in the token.

Additionally, 88% of FLOKI holders are currently “In The Money,” reflecting profitable positions, while only 3% are “Out of the Money,” and 9% are at break-even.

This high percentage of profitable holders underscores positive market sentiment.

Development activity has also surged, according to Santiment, following a dip in September.

This increase coincided with the launch of FLOKI’s Play-to-Earn MMORPG game, Valhalla, in India.

Higher development activity often aligns with significant price movements and could signal an approaching breakout for FLOKI.

At the time of reporting, the FLOKI (FLOKI) price was $0.0002413.