POPCAT hits all-time high as market cap surges past $1b

Solana-based memecoin POPCAT reached a new all-time high on September 25, with its market cap surpassing $1 billion.

At press time, Popcat (POPCAT) was still up 10% in the past day and was changing hands at $1.02. The meme coin had reached an all-time high of $1.07 earlier in the day and is almost 60% higher than its weekly low.

Popcat’s recent price surge has pushed its market cap above $1 billion, ranking it 82nd among cryptocurrencies, according to CoinGecko, while its daily trading volume has also increased by 53%, reaching nearly $136 million.

Meanwhile, public sentiment around Popcat is on the rise, according to CoinMarketCap data. Following its recent success, whales have turned their attention to the meme coin, with one investor purchasing $1.3 million worth of POPCAT at $1 on the same day.

Coinglass data shows that POPCAT’s open interest is up 13%, reaching an all-time high of $106 million at the time of writing, indicating an increase in the number of investors engaging with the meme coin. Additionally, the weighted funding ratio has reached a record high of 0.0200%, further supporting the coin’s bullish momentum.

This increase has taken POPCAT close to the upper Bollinger Band, currently at $1.0704. This suggests that the asset is likely to reach the overbought territory soon, but it also reinforces the strong bullish momentum in the short-term.

POPCAT price, Bollinger Bands and CCI – September 25 | Source: crypto.news

Additionally, the Commodity Channel Index has jumped to 143.81 following the recent rally, well above the overbought threshold of 100. Such high readings usually signal the potential for an impending correction and encourage caution among traders.

If POPCAT continues to gain momentum and clears the $1.070 resistance level, it could accelerate further and the next psychological target could be $1.2.

Conversely, failure to sustain current support levels could lead to further declines, with the middle Bollinger Band around $0.7482 serving as the initial support area. Traders should be wary of possible consolidation or increased volatility around these critical levels.

Popcat’s recent rally is part of a broader rally in cat-themed meme coins. Cat in a Dog’s World (MEW), another cat-themed token based on Solana, is up 8% in the past 24 hours, while Mog Coin (MOG) and Michi (MICHI) are up 5.6% and 7.4%, respectively.