Popcat (POPCAT), a Solana-based memecoin, has been making waves by reaching a fresh all-time high (ATH). This gain has attracted investors’ attention. POPCAT price posted 30% gains within the past seven days, alongside the volume surge.
POPCAT’s investors have enjoyed the bullish rally as the altcoin formed a new ATH. The high demand, sustained increase, and ongoing uptrend have resulted in POPCAT crypto marking this achievement.
POPCAT Price Soars To New Highs: What’s Next?
POPCAT price noted a surge of over 20% and showed a three-day bullish streak, marking a new $1.26 ATH mark. With a low correlation of 0.33, the POPCAT crypto made it possible to defy the market trend and ride the bullish wave.
The technical analysis from the daily timeframe shows that the POPCAT token has increased since the beginning of October. It took support at its 20-day EMA mark and witnessed a sharp rebound.
This week, the upward movement led to a new ATH. The recent price surge indicates that the memecoin could reach the $2 mark in the next few weeks.
POPCAT price was trading at $1.22 at press time, with an intraday decline of over 0.89%. With a market cap of $1.20 Billion, the memecoin was positioned as the 60th largest crypto.
Analyst Insights on POPCAT Cryptocurrency
Cryptocurrency Analyst @AltcoinSherpa, in a tweet on X, said that POPCAT crypto has broken out of a range and looks substantial. The upward continuation might push the memecoin toward the $2 mark in the coming sessions.
Another positive commentary on X shared by @VikinXBT said that the POPCAT token gained strength. It will soon reach the $2 Billion market cap.
Furthermore, most of the technical indicators represented a bullish stance. The RSI curve spiked to the overbought zone, 75 at press time. It reflected a rising buying pressure, indicating further uptrend continuation ahead.
Source: Coinalyze
Moreover, the rising curve of the Money Flow Index (MFI) hinted that significant inflows surge in the market drive upward movement in the altcoin. The MACD indicator showed a green histogram replicating the bullish crossover. This replicated the buyer dominance.
For the last three months, POPCAT crypto has attempted a $1 breakout but has been unable to and stuck close to it. A recent surge made it possible to cross the barrier, and a massive breakout was noted.
Typically, range breakouts may lead to a one-way rally, so the POPCAT price may soon push the rally toward the $2 level.
What Futures Market Data Indicates?
The OI-weighted funding rate stayed positive, 0.0138%, at press time. A positive funding rate indicated a growing demand for long positions.
Likewise, the Open Interest (OI) rose 6.43% to $190.19 Million. This conveyed prolonged buildup activity over the last 24 hours.
Source: Coinglass
The immediate support levels were $1.15 and $1.10. At the same time, according to the Fib extension tool, the upside barriers were $1.30 and $1.38.
