Memecoin Hits All-Time Highs in Price and Market Cap on Solana Blockchain.
Popcat, a memecoin built on the Solana blockchain, has surged 6.2% in the past 24 hours, emerging as the top performer among the leading 100 crypto assets. At the time of writing, Popcat is trading at $0.9918, marking a weekly gain of 7.4%. The token hit an all-time high on 25th September, surpassing $1 in both price and market cap, which peaked at over $1 billion. Currently, its market cap stands at $970 million, with a daily trading volume of around $107 million.
Positive Chart Patterns Fuel Rally
According to analyst Bluntz on X (formerly Twitter), Popcat is showing bullish signs, forming an ABC correction pattern on the 4-hour chart just below its record highs. This pattern often signals a counter-trend within a larger upward trend, which could attract traders looking to enter long positions. Bluntz speculates that this could push Popcat past its previous all-time high.
Increased Trader Activity
Data from Coinglass reveals that Popcat’s open interest has jumped 12.6%, reaching a record $125.71 million, indicating heightened trader activity driving the rally. The memecoin’s weighted funding rate has also hit a new peak of 0.0484%, further supporting its bullish momentum. Social sentiment remains optimistic, with 70% of participants predicting further gains in the short term, according to CoinMarketCap.
Technical Indicators Suggest More Room to Grow
On the 1-day chart, Popcat stands above its 50-day EMA, a bullish signal. It is also nearing the upper Bollinger Band at $1.1075, suggesting the asset could soon enter overbought territory. However, the Commodity Channel Index (CCI) sits at 78.87, indicating there’s still room for further gains. If Popcat breaks through the $1.1075 resistance, it could aim for the $1.2 mark, though failure to hold support could see a pullback to around $0.8497.
