BOME hits 2-month high as altcoin market signals “up-only season”

BOME, the third largest meme coin, rose sharply on October 14 as Bitcoin rebounded to levels seen early last week.

According to Crypto.news data, The Book of Meme (BOME), a Solana-based meme coin, rose sharply by over 25% in the last 24 hours to a 2-month high of $0.008841.

BOME price chart – October 14 | Source: crypto.news

BOME’s price increase increased its market cap to $610 million, making it the 131st largest digital asset. Daily trading volume increased by over 195% to $928 million; most activity was concentrated on Binance, followed by Gate.io and Bitget.

Simultaneously, there was a significant increase in futures open positions. Data from CoinGlass shows open interest in BOME futures has more than doubled from last week’s low of $57 million to $131.12 million.

The rally coincided with a broader market rally as Bitcoin (BTC) and other altcoins saw sharp price gains. The global crypto market grew by 2.6%, from $2.27 trillion to $2.33 trillion.

This surge led to $167.2 million in liquidations, with $101.6 million coming from short sellers, according to CoinGlass. This suggests that many investors were caught off guard by the bullish momentum by betting against rising prices.

The sudden increase in liquidations further fueled the market recovery, possibly contributing to upward pressure on prices as short positions were forced to be closed.

Community sentiment around BOME is bullish, with 71% of 3,792 investors on CoinMarketCap expecting short-term price gains. Similarly, sentiment on X turned positive; Many analysts and traders are predicting strong bullish momentum for altcoins.

According to fake anonymous trader Bluntz, BOME has successfully broken the key daily resistance level of $0.0085, which it has been trying to overcome since August 24. Backed by a significant increase in daily trading, the meme predicts the coin will move further upside. volume and Bitcoin’s recent upward momentum.

Another trader noted that BOME has broken out of a bullish falling wedge on the 1-day chart, adding that the meme coin could potentially retest 80% to 120% above current price levels.

BOME’s rally coincided with a surge in the global meme coin market, which is up 1.4% in the last 24 hours. According to CoinGecko, the total market cap of all tracked meme tokens now exceeds $57.6 billion.

In an October 11 post on technical analysis — in the last 3.5 years.

This usually occurs ahead of a major breakout and indicates that altcoins may soon enter a sustained rally, reversing years of stagnation and downward pressure.