Solana’s POPCAT surges 90%: What about a move to $1 now?

As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I must admit that POPCAT’s sudden rise and subsequent consolidation has piqued my interest. While it’s always exciting to see a new memecoin gain momentum, it’s crucial to approach such situations with caution.

Last week, the Solana-backed meme token, POPCAT, took investors by surprise with its impressive surge in value. But over the past day, the pace has eased as the token seems to be stabilizing and gathering momentum for a potential new phase of growth.

Will POPOCAT once again gain bullish momentum, or should investors expect days of less volatility?

POPCAT’s massive bull rally

Over the past week, the memecoin known as POPCAT has seen significant popularity within the Solana-based memecoin community. According to data from CoinMarketCap, this memecoin experienced an impressive surge in value, with its price skyrocketing by a staggering 90%.

Due to this, the meme-based cryptocurrency rapidly increased its market value and ranked as the 84th biggest digital currency. As I write, it’s being traded at approximately $0.7459, with a market capitalization surpassing $730 million.

During this bull market, the price of POPCAT soared, but what’s even more noteworthy is that its trading activity increased significantly. In fact, on CoinMarketCap’s list of cryptocurrencies ranked by trading volume, POPCAT came in at number 59.

Initially, AMBCrypto analyzed data from Santiment and found a shift in investor sentiment regarding POPCAT, the memecoin. After an impressive surge on August 23rd, the weighted sentiment for POPCAT dipped into negative territory, implying that there was more bearishness among investors.

Its social volume also dipped, reflecting a drop in its popularity.

Solana’s POPCAT surges 90%: What about a move to $1 now?

What to expect from POPCAT?

One explanation for the decline in the social metrics might be the pause in the memecoin’s price surge (bull market). Over the past 24 hours, the volatility of the memecoin has decreased significantly, with its price increasing by just 2%.

Actually, an analysis of Coinglass’ data showed a bearish trend. Specifically, the long/short ratio for this memecoin decreased, suggesting that more traders are taking short positions compared to those who are going long.

Solana’s POPCAT surges 90%: What about a move to $1 now?

In reviewing the daily chart of meme coins, AMBCrypto noted that the Chaikin Money Flow (CMF) has maintained a horizontal position. Meanwhile, the Relative Strength Index (RSI) showed a decrease, suggesting an impending price adjustment. If this correction occurs, it’s possible that POPCAT could initially slide to around $0.64.

A plummet under that mark could result in the memecoin plummeting to $0.36.

Nonetheless, the technical indicator MACD indicated that the bulls were still leading. In the event of a continued price uptick, ten POPCAT might once again touch $0.97.

Read POPCAT Price Prediction 2024-25

In the past week, POPCAT saw an impressive 90% increase in value. Similarly, other memecoins built on Solana, such as dogwifhat (WIF) and BONK, have also gained momentum. According to CoinMarketCap, WIF’s price jumped by 34%, while BONK experienced a 17% rise in value during the same period.

As I pen this analysis, World Internet Finance (WIF) is currently trading at $1.83, boasting a substantial market capitalization exceeding $1.83 billion. Conversely, BONK is valued at an astonishingly low $0.0000206, yet it maintains a sizeable market cap surpassing $1.43 billion.

2024-08-27 02:15

POPCAT’s massive bull rally

What to expect from POPCAT?

Read More