- Popcat ($POPCAT) surged 15% in 24 hours despite a month-long decline, sparking speculation about a potential trend reversal.
- Technical indicators hint at a possible pullback, with RSI nearing overbought levels and resistance at $0.60.
Popcat (SOL) (POPCAT), one of the leading Solana memecoin, has faced a turbulent month, experiencing a notable decline before staging a strong comeback. In the last 24 hours, the meme coin has surged over 23%, from a low of $0.2219 to an intraday high of $0.2732. The rally in the Popcat comes as the global crypto market shows signs of recovery from the recent steep downtrend. However, this surge has sparked speculation about whether it marks the beginning of a trend reversal or just a temporary bounce.
At the time of writing, Popcat was priced at $0.2664 with a market cap of $261.13 million, climbing around 37% over the past week. Additionally, the daily trading volume of POPCAT soared by 41.91% to $64.42 million. Despite the short-term gains, the altcoin is still down 30% over the past month, having previously traded above the $0.40 zone. Zooming out, POPCAT experienced a steep decline during the market downturn, falling from over $1 at the end of 2024.
(Source: CoinMarketCap)
With traders drawing comparisons to past meme coin success stories, the big question is, Can this rally hold, or is a correction around the corner?
Market Sentiment and Bullish Momentum
Much of Popcat’s surge comes from the broader meme coin frenzy, where investors are piling into cat-themed tokens. Notable traders, including Altcoin Sherpa, have pointed out this growing demand, suggesting Popcat could push even higher.
Memecoin Analyst Yenni posted on X about Popcat’s potential to reach $10, he compares POPCAT’s rise despite Almighty Bitcoin’s recent price struggles. However, meme coins thrive on hype as they lack real-life use cases, which makes them highly volatile and prone to sharp swings.
Key Price Levels to Watch
A closer look at the POPCAT 1-day charts shows crucial price zones that could determine Popcat’s next move. Currently, the token is trading above its 50-day EMA, which means strong buying pressure and bull accumulation. The RSI (Relative Strength Index) approaches overbought levels, which could lead to a pullback.
However, in the 4-hour POPCAT/USDT chart, an RSI of 61 suggests that buyers have more control than sellers, indicating a positive trend. As the buyer’s pressure continues, the rally may extend toward an upside of $0.50-$60.
Also, POPCAT Volume trends suggest strong market interest, maintaining over $64 million in 24 hours. At this point, any drop in liquidity could trigger a sharp decline.
Further, the MACD for Popcat (SOL) shows a bearish crossover. The DIF line is well below the DEA line, signaling downward momentum. There is currently a show of slight positive value, a temporary fluctuation is likely. In that case, If POPCAT (SOL) fails to break the resistance level at 0.20, a retracement towards the $0.25-$30 support zone is a possibility.
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