Can Solana Meme Coin BULLY Price Continue to Rise After ATH?

Dolos The Bully (BULLY), a meme coin built on the Solana blockchain, has hit a new all-time high today. This milestone comes after BULLY’s price increased by over 700% within the last seven days.

With its market cap above $200 million, the meme coin holders may be wondering if the price can go higher. This analysis looks at the possibility.

Dolos The Bully Soars, Shows Bullish Potential

At press time, BULLY is trading at $0.23, marking a significant rise in its value. Over the last 24 hours, the meme coin surged by 72%, contributing to an impressive 700% increase over the past week. This meteoric rally indicates heightened interest and bullish momentum around BULLY in recent days.

For context, Dolos The Bully was created as a meme coin related to an AI language model built on the Llama 3.1 architecture. The token also embodies a persona that blends the cunning and trickery of Greek mythology with the sharp, fast-paced dynamics of crypto Twitter culture, similar to tokens like Goatseus Maximums (GOAT).

However, BULLY’s rapid gains often come with volatility. As such, the meme coin holders may need to monitor it closely for potential corrections. 

According to Messari, the volatility around BULLY has been rising since November 20. This suggests that massive buying pressure or selling pressure could lead to a quick rally or downturn.

Besides that, BULLY’s Sharpe Ratio has recently jumped, further supporting its upward price trajectory. This metric assesses an asset’s performance by factoring in the risk taken. 

A positive Sharpe Ratio indicates that the reward from holding or trading the cryptocurrency outweighs the risk, suggesting favorable investment potential. Conversely, a negative Sharpe Ratio warns that the asset might not yield 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 increase, provided the metric remains positive. This aligns with the recent 72% daily and 700% weekly surge, reflecting growing market confidence in the token.

BULLY Price Prediction: Higher Highs Next?

On the 4-hour chart, BULLY’s price has risen above the 20-day Exponential Moving Average (EMA). The EMA assesses if a cryptocurrency’s price is moving in an upward direction or in a downtrend.

When the indicator rises, the trend is bullish. But when it trends downwards, it is bearish. Since the Solana meme coin is above the 20 EMA (blue), it means that the price is likely to increase. If that remains the case, then the token’s value might climb toward $0.30.

However, if selling pressure rises, that might not be the case. In that scenario, BULLY could drop below $0.16.