Solana meme coin Popcat (POPCAT) saw an impressive 25% increase in the last seven days. This performance sparked renewed interest in the token, which has been outperforming many of its peers.
Currently, POPCAT is 12% down from its all-time high. But it appears to be aiming for an ambitious run toward $2. This on-chain analysis examines if the token can hit this value sooner rather than later.
Popcat Gets the Market on Its Side
In the last 24 hours, Popcat’s price has increased by a modest 5%. This increase puts the price at $1.29, even though it rallied to a new all-time high some days back. Nonetheless, the Weighted Sentiment around the meme coin continues to spike.
Weighted Sentiment gauges whether comments about a cryptocurrency are mostly positive or negative. When the reading is negative, it means the average perception is pessimistic. But as of this writing, the metric’s reading has surged to 0.061, which is the highest it has hit all year.
This rise in Weighted Sentiment suggests that posts and messages related to POPCAT are mostly bullish. If sustained, this could accelerate demand for the meme coin and eventually drive the price higher.
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Beyond this, on-chain data from Santiment shows that Popcat’s volume is beginning to increase again. Volume measures how frequently the market buys or sells a cryptocurrency.
Increasing volume can push prices higher. But for that to happen, the value of the tokens traded needs to continue rising alongside the price. When volume rises and prices fall, crypto’s market value can continue to decline.
According to Santimemt, POPCAT’s volume has increased by 25% in the last 24 hours, suggesting rising market interest in the meme coin. Should the volume continue to rise, then POPCAT’s price could do the same while breaking above its current all-time high.
POPCAT Price Prediction: 35% Increase First
On the daily chart, Popcat’s price holds strong support at $0.92. This support is one reason the meme coin has been forming higher lows for some time. Recently, POPCAT experienced resistance at $1.27, but it has been able to break past it.
Additionally, the Average Directional Index (ADX) has risen to 42.39. The line ranges from 0 to 100, and the directional strength of a trend. When the ADX is below 25, the underlying trend is weak. But since it is above that threshold, the uptrend is a solid one.
Therefore, it is likely that POPCAT’s price will break above the resistance at $1.40. If that happens, the Solana meme coin might climb by 35% and hit $1.70. Should this be the case, then the token might eventually rise to $2.
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However, an increase in profit-taking could invalidate this prediction. In that situation, POPCAT might drop below the $1 threshold and pull back to the $0.92 support.
Disclaimer
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