"FLOKI Memecoin Eyes 2024 Breakout Amid Bearish Pressure and Whale Accumulation"

FLOKI, the memecoin, has been drawing attention for its potential to replicate its 2024-style breakout. The price structure of FLOKI has been mirroring its January 2024 breakout, which saw a prolonged consolidation leading to a surge towards its all-time high of $0.00030. In the first quarter of 2024, FLOKI delivered a 640% rally, capitalizing on the market-wide uptrend.

Over the past ten days, FLOKI has been trading between $0.0000900 and $0.0000100, with the MACD teetering on a bullish crossover. However, since its post-election peak of $0.0002800, the memecoin has printed four consecutive lower lows, indicating persistent bearish pressure. The price has now dropped by 66% from its peak, and a decisive breakout remains elusive.

Despite the bearish pressure, whale accumulation has remained steady, with billions flowing into 1K–1M FLOKI wallets, supporting the ongoing consolidation trend. On the derivatives front, the Open Interest (OI) climbed by 6%, indicating renewed speculation. Meanwhile, trading volume surged by 104.19% to hit $387.41 million.

At press time, FLOKI's 3% price drop appeared to be a long squeeze, raising the risk of further liquidations if buyers fail to absorb the sell pressure. However, steady whale accumulation and strong fundamentals hinted that the memecoin could be primed for an uptrend once market sentiment recovers. For the memecoin to replicate its explosive 2024 breakout, it must first clear critical resistance levels, starting with $0.000133 in the near term. A successful reclaim could trigger a trend shift, but failure to do so might prolong the consolidation phase.