Popcat, a meme token on the Solana blockchain, experienced an extraordinary surge, becoming the top gainer among the top 100 crypto assets in the past day
Popcat was trading at $0.9918 at publication, representing a 6.2% increase.
Over the past week, the meme coin experienced a 7.4% increase, with the most significant gains occurring on September 25, when its price and market cap surpassed $1 and $1 billion, respectively, signifying their all-time highs.
The daily trading volume of memecoin is approximately $107 million, and its market capitalization is currently $970 million.
The pseudonymous analyst Bluntz, in an X post, has indicated that Popcat is again exhibiting positive indications.
The 4-hour chart demonstrates a healthy ABC correction pattern below its all-time highs. The configuration typically suggests a transient counter-trend movement within a broader trend.
Traders who observe this pattern frequently interpret it as an opportunity to establish long positions anticipating the subsequent upward movement. Bluntz conjectured that the upward movement could enable POPCAT to surpass its previous ATH.
The ongoing rally of the meme coin POPCAT appears to be being driven by an increase in trader activity, as evidenced by the 12.6% increase in open interest, which has reached an all-time high of $125.71 million at the time of writing, according to Coinglass data.
Furthermore, the weighted funding rate has further bolstered the coin’s upward trajectory, which has attained a record high of 0.0484%.
The memecoin was also the subject of largely positive social sentiment, with 70% of participants anticipating additional gains in the immediate term, according to CoinMarketCap data.
POPCAT is currently above its 50-day EMA on the 1D chart, indicating that the asset is gaining upward momentum. Traders may interpret this as a potential buy signal for further gains.
The surge has brought POPCAT near the upper Bollinger Band, presently at $1.1075. This suggests that the asset will shortly enter an overbought zone, although it also reinforces the bullish momentum in the short term.
Furthermore, the Commodity Channel Index is currently at 78.87, which further supports the notion that POPCAT’s rally has the potential to achieve additional gains before reaching overbought levels.
If POPCAT maintains its upward trajectory and surpasses the $1.1075 resistance, the subsequent psychological objective could be $1.2.
In contrast, a pullback may occur if the present support levels are not maintained, with the middle Bollinger Band at $0.8497 serving as a critical support zone.
