FLOKI crypto booms 40.72% in 7 days: What’s driving the rally?

• FLOKI crypto surged 40.72% in a week, supported by high trading activity.
• New addresses rose 331.93%, signaling growing adoption.

Floki [FLOKI] traded at $0.000194 at press time, marking a 6.01% drop in the past 24 hours. However, the token has gained 40.72% over the last week, indicating strong upward momentum overall. 

With a 24-hour trading volume of $1.37 billion, trading activity remained high despite the short-term price correction.

The token’s circulating supply was 9.7 trillion, giving FLOKI a market capitalization of $1.88 billion. The recent decline may reflect a normal pullback after the sharp gains seen in recent days.

Key support and resistance levels

Technical data also pointed to critical price levels. Notably, the upper Bollinger Band lay at $0.00021499, where the asset could face resistance.

On the lower side, $0.00009907 acted as key support, representing a level where buyers may step in. 

The midline of the Bollinger Bands, near $0.00014949, served as a pivot point, potentially flipping between support and resistance depending on price movement.

Source: TradingView

The Relative Strength Index (RSI) was around 64 at press time, suggesting the asset remained in bullish territory without being overbought. 

Meanwhile, the MACD showed positive momentum, and the Chaikin Money Flow (CMF) reading of 0.18 indicated steady buying pressure, supporting the overall bullish trend.

Futures market activity adjusts

Open Interest in FLOKI Futures has dropped by 10.05%, totaling $28.48 million at press time.

This reduction indicated a decrease in leveraged positions, possibly as traders lock in profits or reduce exposure following volatility.

Source: Coinglass

Despite this decline, the Futures market remained active, with trading volume rising 5.10% to $303.35 million.

This suggested that while some traders have been reducing risk, others remained engaged, anticipating further price action.

Network expansion ahead?

FLOKI’s on-chain activity has surged over the past week. New addresses have increased by 331.93%, while active addresses were up 233.42%, pointing to growing user adoption.

These metrics reflected increased participation in the FLOKI ecosystem as more wallets engaged in transactions.

Source: IntoTheBlock

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

The number of zero balance addresses has also grown by 306.67%, which could indicate heightened speculative activity or the consolidation of funds across wallets. 

These trends suggest expanding network usage, driven by recent market interest and price movements.