Popcat Surges 6.2%, Eyes New All-Time High as Market Momentum Builds

Popcat Surges 6.2%, Eyes New All-Time High as Market Momentum Builds

Popcat, a meme token on the Solana blockchain, has experienced a significant surge, positioning itself as the top gainer among the 100 leading crypto assets in the past 24 hours.

As of now, Popcat is trading at $0.9918, reflecting a 6.2% increase. Over the past week, it has seen an overall gain of 7.4%, with the most notable rally occurring on September 25, when both its price and market capitalization exceeded the $1 and $1 billion marks for the first time, hitting all-time highs.

Currently, Popcat’s market cap stands at $970 million, while its daily trading volume is around $107 million. According to an X post by pseudonymous analyst Bluntz, the token is displaying positive momentum, with a healthy ABC correction pattern visible on the 4-hour chart. This pattern, just below its previous all-time highs, typically suggests a temporary counter-trend within a larger upward movement.

Many traders view this setup as a potential buying opportunity, expecting a subsequent upward move. Bluntz speculated that Popcat could soon break through its previous all-time high if the rally continues.

Data from Coinglass reveals that open interest in Popcat has jumped by 12.6%, reaching a record high of $125.71 million, signaling increased trader activity fueling the meme coin’s rally. Additionally, the weighted funding rate has climbed to 0.0484%, further bolstering the coin’s bullish outlook.

Social sentiment remains optimistic, with 70% of participants on CoinMarketCap expecting further short-term gains. On the daily chart, Popcat is trading above its 50-day EMA, which could be seen as a bullish signal by traders looking for further upward movement.

Popcat’s current surge has brought it near the upper Bollinger Band, which sits at $1.1075, indicating that the token is approaching overbought territory but also supporting the ongoing bullish momentum. The Commodity Channel Index (CCI) sits at 78.87, suggesting that the token may have room for more gains before it becomes overbought.

If Popcat can sustain its momentum and break through the $1.1075 resistance level, the next psychological target could be $1.20. However, if the token fails to maintain current support levels, it could face a pullback, with the middle Bollinger Band near $0.8497 acting as a crucial support level.