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

BOME, the third-largest meme coin, saw a significant surge on October 14 as Bitcoin bounced back to levels last seen at the beginning of the previous week.

The Solana-based meme coin, The Book of Meme (BOME), jumped by over 25% in the past 24 hours, reaching $0.008841—its highest price in two months, according to data from pinetbox.com.

BOME’s Price Surge Boosts Market Cap to $610 Million, Lifts It to 131st Position in Digital Assets

The price surge of BOME propelled its market capitalization to $610 million, making it the 131st largest cryptocurrency. In the past 24 hours, its daily trading volume skyrocketed by over 195%, reaching $928 million, with the majority of activity occurring on Binance, followed by Gate.io and Bitget.

Meanwhile, futures open interest in BOME experienced a substantial increase. Data from CoinGlass revealed that open interest in BOME futures hit a record high of $131.12 million, more than double last week’s low of $57 million.

This rally occurred in tandem with a broader market uptrend, as Bitcoin (BTC) and other altcoins saw significant price gains. The global cryptocurrency market grew by 2.6%, climbing from $2.27 trillion to $2.33 trillion.

According to CoinGlass, this market movement resulted in $167.2 million in liquidations, with $101.6 million coming from traders who had short positions. This suggests that many investors were caught off guard by the bullish momentum, as they had bet against rising prices.

The sharp increase in liquidations likely contributed to the upward pressure on prices, as short positions were forced to close, further fueling the rally.

Bullish Sentiment Surrounding BOME

Community sentiment around BOME has turned bullish, with 71% of 3,792 traders on CoinMarketCap predicting short-term price gains. Similarly, sentiment on X (formerly Twitter) has become increasingly positive, with analysts and traders forecasting strong upward momentum for altcoins.

Trader Bluntz pointed out that BOME had successfully broken through a key daily resistance level of $0.0085, a price point it had struggled to surpass since August 24. Bluntz expects further upward movement, supported by the sharp increase in daily trading volume and Bitcoin’s recent price rally.

Another trader highlighted that BOME had broken out of a falling wedge pattern on the 1-day chart, which is a bullish technical signal. This breakout suggests that the meme coin could potentially rise 80%-120% above its current price levels.

Meme Coin Market Surge

BOME’s rally also coincided with a broader increase in the global meme coin market, which saw a 1.4% rise in the last 24 hours. According to CoinGecko, the combined market cap of all tracked meme tokens now exceeds $57.6 billion.

On October 11, analyst Moustache shared on X that the altcoin market might be entering an “up-only season”, citing the Altcoin Season Index. The index has been forming an Inverse Head and Shoulders pattern, one of the most bullish technical chart formations, over the last 3.5 years.

This pattern often precedes a significant breakout, which could signal that altcoins are about to enter a sustained rally, potentially reversing years of stagnation and downward pressure.