Popcat [POPCAT], the popular memecoin based on the Solana blockchain, is making waves in the cryptocurrency space, reflecting a shift in market sentiment. Despite a recent price drop of over 65% since December 2024, POPCAT is showing signs of resilience, mirroring broader bullish trends seen across assets like Ripple [XRP], Solana [SOL], and Cardano [ADA].
POPCAT’s Bullish On-Chain Metrics
Recent data from on-chain analytics firm Coinglass highlights POPCAT’s growing investor confidence, despite its price decline. Notably, POPCAT’s Spot Inflow/Outflow metric reveals a significant outflow of $1.69 million in POPCAT tokens within the last 24 hours. This metric tracks the movement of tokens between exchanges and wallets, offering a clear picture of market sentiment. The outflow suggests that long-term holders are increasingly moving tokens off exchanges into personal wallets, signaling a potential accumulation phase—a strong indicator of future price momentum.
Rising Trader Interest in POPCAT
Investor interest in POPCAT is on the rise, with traders showing an increasing appetite for the token. Coinglass data reveals that POPCAT’s Open Interest surged by 8.7% in the past 24 hours, reflecting growing engagement. Additionally, the Long/Short Ratio stands at 1.126, revealing a clear bullish sentiment as 52.97% of top traders are holding long positions. This growing confidence among traders adds to the bullish outlook for POPCAT in the short term.
Technical Analysis: POPCAT’s Path to $1.20
From a technical perspective, POPCAT has recently broken free from a prolonged consolidation phase, establishing key support at $0.70. As per AMBCrypto’s analysis, the memecoin has managed to close a daily candle above this narrow zone, indicating a strong bullish signal. If the current trend continues, POPCAT could see a 25% surge, potentially reaching $1.20 in the near future. Indicators like the Relative Strength Index (RSI) are still below the overbought zone, further supporting the case for an upside rally.
As of press time, POPCAT is trading at $0.86, having experienced a 5.35% increase in the last 24 hours, alongside a 7% surge in trading volume, showing heightened trader activity.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Popcat (POPCAT) Dips 10% After Hitting $1.50 ATH—Can It Rebound Amid Bitcoin’s $67K Surge?
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