On-chain metrics signal a bullish outlook for Floki amid Valhalla’s partnership with Alliance

Floki is garnering attention once again with a combination of strong on-chain metrics and an exciting partnership announcement.

Despite recent consolidation, Floki shows potential for a significant rally heading into October.

Floki’s Valhalla partnership with Alliance, a top esports organization, is predicted to fuel early Q4 growth, setting the stage for new highs.

Bullish Floki on-chain metrics

Floki’s on-chain metrics indicate growing confidence in the token’s market potential.

Key data points such as the Long/Short Ratio, which stands at 1.89 on OKX, demonstrate a bullish sentiment among traders.

Additionally, the Futures Open Interest has seen a 7.3% increase, reflecting more traders building long positions.

Source: Coinglass

As of the latest market conditions, 57.52% of top traders hold long positions, reinforcing a positive outlook for the coin.

Technically, Floki has been consolidating between $0.000115 and $0.000132 since late August 2024.

With key resistance at $0.000149 and bottom support at $0.000138, the coin is poised for a breakout.

A close above these levels could trigger a rally, with price predictions indicating a potential surge to $0.00021.

The 14-day Relative Strength Index (RSI) currently sits at 57.97, showing neutral conditions, while trading above the 10, 20, and 50-day EMAs signals short-term bullish momentum.

Source: TradingView

However, long-term caution is advised as Floki is still trading below the 100 and 200-day EMAs.

Valhalla’s partnership with Alliance a game-changer for Floki

On September 24, Floki made headlines with the announcement of a collaboration between Valhalla, its play-to-earn MMORPG, and Alliance, a globally recognized esports powerhouse.

This multi-year agreement is expected to introduce Valhalla to Alliance’s vast audience, which includes 7 million followers and generated over 342 million views in 2023 alone.

Alliance has also cemented itself as a dominant force in esports, with 57 championship trophies and over 150 tournament wins, adding significant credibility to the partnership.

This collaboration will see Valhalla featured on Alliance’s digital platforms and live streams and the Valhalla logo appearing on Alliance’s official jerseys for teams in Apex Legends and CS2.

The partnership aims to bridge the worlds of esports and Web3 gaming, offering exclusive events and content that could attract gamers and crypto enthusiasts alike.

The CEO of Alliance, Jonathan “Loda” Berg, described Valhalla’s Web3 gaming as a “new frontier” for their players, highlighting the partnership’s potential to reshape competitive gaming.

Price predictions: FLOKI set for early Q4 surge

Traders are optimistic about Floki’s performance heading into Q4, particularly in light of the Valhalla partnership.

Crypto trader Jelle has forecasted an early start to Floki’s Q4 push, anticipating new highs based on the growing brand recognition brought by the partnership.

Similarly, Zayk Charts predicts that the memecoin is ready for a 100%-150% bullish wave.

In the short term, analysts project Floki will reach $0.000167 within the next 10 days.

Should a breakout occur above the key resistance level of $0.000139, the price could climb to $0.00021, signaling a 50% rally.

Further price predictions suggest that by the end of 2024, Floki could peak at $0.000785, reinforcing its position as a strong performer in the memecoin space.

With bullish on-chain metrics and a transformative partnership with Alliance, Floki appears well-positioned for growth. As the cryptocurrency market braces for an early Q4 push, all eyes are on the memecoin for potentially significant gains.

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