The Open Interest (OI) in Floki (FLOKI) derivatives has shot up 11.56% to $15.51 million, signifying market participation. FLOKI recorded its trading volume growth at 61.18% while reaching $40.90 million this period. Market optimism continues to increase as many investors join the market.
The upward trend in FLOKI transactions includes a 60% spike in trading activity that happens at amounts less than one dollar. The increase of 150% in transactions between $100K and $1M shows institutional investors and wealthy people now invest in FLOKI.
FLOKI Nears Critical Support Price Levels
Major investors have not engaged with the market in substantial numbers up to $1 million due to their waiting for optimal entry conditions. Business operations show signs of weakening because FLOKI has lowered its active network participant counts.
New users entering into the network are slowing down with just 67 new addresses having been added as of this update. The slow pace of user growth worries investors as FLOKI needs more users to keep growing and gaining wider acceptance in the market. A lower number of new users will make it tough for the token to continue its upward movement.
FLOKI shows technical signs of a potential breakout because it stays together inside a downward wedge shape. Market participants keep watching the token’s price as it approaches important support points.
Long Liquidations Outpace Shorts in FLOKI
During our research FLOKI exchanged at $0.00009357 with a minor 0.80% loss compared to its previous day value. Market sentiment will increase if FLOKI breaks through its resistance boundaries within the next few days.
Market data shows buyers of the asset are selling their FLOKI positions more often than sellers. The market shows $1.81K of long liquidated assets and $1.29K of short liquidation figures.
Market participants expect prices to rise yet this movement carries level of potential danger. People who hold FLOKI long-term positions will encounter higher selling pressure when the token fails to rise in value.
The FLOKI derivatives market achieves exceptional growth through increasing trades and open interest plus new participation from institutions. The falling network traffic and regular selling of long positions show FLOKI could lose its upward price momentum.
The falling wedge formation shows mixed market sentiment and presents both potential profits and potential risks ahead.
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