Dolos The Bully (BULLY), a meme piece built on the Solana blockchain, today reached a new all-time high. This step comes after the price of BULLY increased by over 700% in the last seven days..
With its market cap over $200 million, meme coin holders may be wondering if the price can rise. This analysis examines the possibility.
Dolos The Bully Soars and Shows Bullish Potential
At press time, BULLY is trading at $0.23, marking a significant rise in its value. Over the past 24 hours, the meme coin has surged 72%, contributing to an impressive 700% increase over the past week. This meteoric rally indicates increased interest and bullish momentum around BULLY in recent days.
For context, Dolos The Bully was created as a coin linked to an AI language model built on the Llama 3.1 architecture. The token also embodies a character that combines the cunning and cunning of Greek mythology with the snappy, fast-paced dynamics of crypto Twitter culture, similar to tokens like Goatseus Maximums (GOAT).
However, BULLY’s quick wins are often accompanied by volatility. As such, the coin holders may need to monitor it closely for possible corrections.
According to Messari, volatility around BULLY has increased since November 20. This suggests that massive buying or selling pressure could lead to a rapid recovery or downturn.
Additionally, BULLY’s Sharpe ratio has recently surged, further supporting its upward price trajectory. This metric evaluates the performance of an asset by taking into account the risk taken.
A positive Sharpe ratio indicates that the reward from holding or trading cryptocurrencies outweighs the risk, suggesting favorable investment potential. Conversely, a negative Sharpe ratio warns that the asset may not generate satisfactory returns relative to the risks involved.
For BULLY, the current positive Sharpe ratio implies that the meme coin is likely to continue its price rise, provided the metric remains positive. This matches the recent daily rise of 72% and weekly rise of 700%, reflecting the market’s growing confidence in the token.
BULLY Price Prediction: Higher Highs Next?
On the 4-hour chart, BULLY price has moved above the 20-day exponential moving average (EMA). The EMA evaluates whether the price of a cryptocurrency is moving up or down.
When the indicator rises, the trend is bullish. But when it is trending downward, it is bearish. Since the Solana meme piece is above the 20 EMA (blue), it means the price is likely to rise. If this remains the case, the value of the token could rise as high as $0.30.
However, if selling pressure increases, this may not be the case. In this scenario, BULLY could fall below $0.16.
Disclaimer
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