Key Insights
- FLOKI price jumped 11% to $0.000118 after its debut on Robinhood, with trading volume climbing sharply by 125% in 24 hours.
- Technical patterns, including a falling wedge breakout and double-bottom formation, indicate strong bullish momentum in the short term.
- While holdings declined, yet exchange balances fell 5.1%, suggesting tighter supply and reduced immediate selling pressure.
FLOKI rose more than 11% to $0.000118 on August 8 following its listing on the U.S.-based trading platform Robinhood. The price eased slightly to $0.000117 later in the session. The move was accompanied by a sharp increase in trading activity, with daily volume up 125% in the past 24 hours.
The recent rally pushed FLOKI’s market capitalization to $1.12 billion, making it the eighth-largest meme coin and 104th among all cryptocurrencies. The Robinhood listing gives FLOKI access to over 25 million retail traders, expanding its potential investor base.
On-chain data shows mixed sentiment
Data from Nansen indicated whale holdings dropped to 28.94 billion tokens from a monthly peak of 30.5 billion. This suggests some large holders have been selling. At the same time, the amount of FLOKI on exchanges fell to 2.12 trillion tokens, down 5.1% from the previous month, pointing to reduced immediate selling pressure.
CoinGlass data showed futures open interest rose 20% in 24 hours to $53.6 million. This increase from the month’s low of $40.2 million signals stronger speculative positioning. The long-to-short ratio stood at 0.86, showing more short positions, which could trigger a short squeeze if prices rise further.
Technical breakout signals emerge
On the daily chart, FLOKI broke out of a falling wedge pattern on August 4, moving above resistance at $0.000107. This pattern often marks the end of downward momentum. Indicators support the move, with the MACD nearing a bullish crossover and the RSI climbing to 53.
The 4-hour chart confirmed a breakout above the $0.000113 neckline of a double-bottom pattern. This formation developed after repeated rebounds from $0.000098, each with increasing momentum.
Based on technical projections, the short-term target stands at $0.000146, representing about 25% upside from current levels. A drop below $0.000098 would negate this outlook and could lead to further declines.
