POPCAT leads the market with 6% surge in 24 hours

Popcat, a meme token on the Solana blockchain, has witnessed a remarkable rise and emerged as one of the highest gainers among the top 100 crypto assets in the past day.

At the time of writing, Popcat (POPCAT) changed hands at $0.9918, up 6.2%. Memecoin also gained 7.4% last week; It recorded the highest gains on September 25, with both its price and market cap reaching all-time highs, exceeding $1 and $1 billion respectively.

Memecoin’s market cap currently stands at $970 million and daily trading volume hovers around $107 million.

According to pseudonymous analyst Bluntz’s The setup usually indicates a temporary countertrend move within a larger trend.

Investors following this pattern often interpret this as an opportunity to enter long positions in anticipation of the next upward move. Based on this, Bluntz predicted that the next upward move could help POPCAT surpass the previous ATH.

Looking at Coinglass data, POPCAT’s open interest increased by 12.6%, reaching an all-time high of $125.71 million at the time of writing; This is a reflection of the growing trader activity fueling the meme coin’s ongoing rally. Additionally, the weighted funding rate reached a record high of 0.0484%, further strengthening the coin’s upward momentum.

Social sentiment around memecoin was also largely bullish, according to CoinMarketCap data; 70% of respondents expected greater gains in the short term.

On the 1D chart, POPCAT is currently trading above the 50-day EMA, indicating that the asset is gaining upward momentum and investors may view this as a potential buy signal for further gains.

The increase has brought POPCAT closer to the upper Bollinger Band, currently located at $1.1075. This suggests that the asset will soon reach the overbought zone, but it also supports bullish momentum in the short term.

POPCAT price, Bollinger Bands and RSI | Source: crypto.news

Additionally, the Commodity Channel Index is at 78.87, adding weight to the idea that the rally in POPCAT could still make further gains before reaching overbought levels.

If POPCAT maintains its bullish momentum and breaks the $1.1075 resistance, the next psychological target could be $1.2. Conversely, failure to sustain current support levels could lead to a pullback, with the middle Bollinger Band acting as a key support zone around $0.8497.