Bonk and Popcat prices diverge as their CEX outflows rise

Prices of Popcat and Bonk remained stable as sentiment in the cryptocurrency industry faded and Bitcoin fell to $66,500.

Bonk (BONK), the first meme coin in the Solana (SOL) ecosystem, has pulled back for three consecutive days, reaching $0.000022. It remains 53% below this year’s high point.

Popcat (POPCAT) token held steady at $1.40, a few points below its year-to-date high of $1.5600. It has surged 32,200% from its 2024 low, making it one of the best-performing cryptocurrencies this year.

Latest data from Nansen shows that Bonk and Popcat have experienced a significant increase in centralized exchange outflows. Bonk recorded a CEX outflow of $5.65 million, 7.25 times above the recent average.

Similarly, Popcat’s debut was $3.4 million in the last 24 hours, 2.15 times higher than the recent average. CEX exits are generally considered positive because they show investors are interested in holding the token for a while longer. On the other hand, entries into exchanges generally indicate that owners want to sell their tokens.

Popcat ready for bullish POPCAT chart by TradingView

On the daily chart, Popcat has performed well in recent months, rising to a record high of $1.5535 in October.

The token remained above the 50-day and 100-day moving averages, which is a positive sign. It has also formed a bullish pennant formation consisting of a long vertical line and a symmetrical triangle formation.

Therefore, Popcat is likely to trend upward and potentially reach a new all-time high of $1.5535, which is approximately 10% above the current level. More gains will be confirmed if the token rises above this resistance point. In such a case, it may climb to the psychological level of $2.

Bonk created symmetrical triangle BONK chart by TradingView

The Bonk token has remained in a tight range in recent days after forming a double top formation at $0.000025. A double top is one of the most bearish signals in the market.

The top of the pattern overlaps with the top of the symmetrical triangle that has formed over the last few months. This formation is approaching the consolidation level, which indicates that significant movements may occur in the coming days.

A break above the double top at $0.000025 could signal more gains, while a decline below the 50-day moving average at $0.00002117 could signal more losses ahead.