Popcat (POPCAT), a meme token built on the Solana blockchain, has seen a strong rally, emerging as the top gainer among the top 100 cryptocurrencies in the past 24 hours.
Currently, Popcat is up 6.2%, trading at $0.9918. Over the past week, it has gained 7.4%, with a significant surge on September 25 when its price and market cap both hit all-time highs, surpassing $1 and $1 billion respectively.
Popcat’s Market Cap and Trading Volume
As of now, Popcat’s market cap sits at $970 million, with a daily trading volume of around $107 million. These figures reflect strong market activity and growing interest in the memecoin.
Technical Analysis: Popcat’s Positive Indicators
Popular crypto analyst Bluntz noted a healthy ABC correction pattern on the 4-hour chart, suggesting Popcat may soon see another upward movement. This pattern typically signals a temporary counter-trend before the asset continues its primary direction.
Traders are keeping a close eye on this setup, with many seeing it as a potential buy signal, speculating that Popcat could break past its previous all-time high (ATH) soon.
Open Interest and Trader Sentiment
According to Coinglass data, Popcat’s open interest surged by 12.6%, hitting an all-time high of $125.71 million, showing that traders are actively fueling the rally. Additionally, the weighted funding rate reached a record high of 0.0484%, further supporting Popcat’s bullish momentum.
On the social front, the sentiment is also bullish, with 70% of participants expecting more short-term gains, according to CoinMarketCap data.
Popcat Price Prediction: Can It Break Through $1.2?
Currently, Popcat is trading above its 50-day EMA, signaling upward momentum. Traders may view this as a buying opportunity. The asset is approaching the upper Bollinger Band at $1.1075, suggesting that it is nearing an overbought zone. However, this also indicates strong bullish momentum in the short term.
The Commodity Channel Index (CCI) currently sits at 78.87, meaning Popcat still has room for gains before becoming overbought.
If Popcat continues its upward movement and breaks through the $1.1075 resistance, the next psychological target will likely be $1.2. However, failure to hold current support levels could lead to a pullback, with the middle Bollinger Band at $0.8497 serving as key support.
