Dolos The Bully (BULLY), a meme coin on the Solana blockchain platform, today reached a new all-time high. This milestone comes after BULLY’s price increased more than 700% in the past seven days.
With a market capitalization exceeding $200 million, meme coin owners may be wondering if the price will go even higher. This analysis examines that possibility.
Dolos The Bully Explodes, Showing Upside Potential
At the moment, BULLY is trading at $0.23, marking a significant increase in its value. In the past 24 hours, the meme coin has increased by 72%, contributing to a staggering 700% increase over the past week. This strong outburst points to the growing interest and bullish momentum surrounding BULLY in recent days.
To better understand, Dolos The Bully was created as a meme coin related to an AI language model built on the Llama 3.1 architecture. This token also represents a character that brings cunning and cunning from Greek mythology combined with the agility and dynamism of crypto culture on Twitter, similar to tokens like Goatseus Maximums (GOAT).
However, BULLY’s rapid growth often comes with volatility. As a result, meme coin owners may need to keep a close eye on potential corrections.
According to Messari, volatility around BULLY has increased since October 20, 2019. This suggests that heavy buying or selling pressure could lead to a quick boom or recession.
Besides, BULLY’s Sharpe Ratio has recently increased, further reinforcing the bullish trend. This index evaluates the performance of an asset by considering the risk taken.
A positive Sharpe Ratio indicates that the rewards from holding or trading cryptocurrencies outweigh the risks, suggesting favorable investment potential. Conversely, a negative Sharpe Ratio warns that the asset may not provide a satisfactory return relative to the risk involved.
For BULLY, the current positive Sharpe Ratio index implies that the meme coin is likely to continue to increase in price, as long as the index remains positive. This is in line with recent 72% daily and 700% weekly gains, reflecting growing market confidence in the token.
BULLY Price Prediction: Will It Go Higher?
On the 4-hour chart, BULLY’s price has crossed above the 20-day Exponential Moving Average (EMA). EMA evaluates whether the price of a cryptocurrency is going up or down.
When the index increases, the trend is up. But when it falls, the trend is down. Since meme coin Solana is above the 20-day EMA (blue), that means the price is expected to rise. If this continues, the Token’s value could climb to 0.30 USD.
But if selling pressure increases, that may not happen. In that situation, BULLY could fall below $0.16.