Popcat (POPCAT), the cat-themed meme coin built on Solana, has reached a new all-time high (ATH). This growth signifies the ongoing excitement around meme coins as the broader market appears to be moving back fully into the bull cycle.
However, POPCAT’s price is not the only highlight of the day. This analysis reveals other parts of the cryptocurrency with notable landmarks and what the future holds for the token.
Popcat Reaches Record Highs on Several Fronts
For some months, POPCAT’s price failed to break the $1 mark despite several attempts. But today, September 25, the Solana meme coin rallied past it and hit $1.08, marking a new ATH.
However, it does not end there. Within the same period, Popcat’s market cap also crossed $1 billion. Market cap is a product of circulating supply and price. Therefore, as long as new coins do not move into circulation and the price increases, the market cap follows — this was the case with POPCAT.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
From an on-chain perspective, Santiment’s data also shows that the Open Interest (OI) climbed to a new ATH. At press time, the meme coin’s OI was 93.52 million. By definition, the OI is the number of outstanding contracts in the market used to determine the market sentiment and strength behind a trend.
An increase in OI indicates new money entering the market, which could support the ongoing price trend. A decrease, on the other hand, indicates a drop in positions and usually weakens the ongoing trend.
However, POPCAT’s price has slightly retraced from $1.08 and now trades at $1.03. If this continues, the uptrend might get weak even as the OI jumps.
POPCAT Price Prediction: Token Overbought
An analysis of POPCAT’s daily chart shows that the Bollinger Bands (BB) have expanded, reflecting increased volatility. The BB is a technical tool used to measure volatility and identify when an asset is overbought or oversold.
With the widening of the BB as POPCAT’s price rose, volatility is high, suggesting that rapid price swings may continue. The price recently touched the upper band at $1.08, signaling that the asset is overbought. Had the price touched the lower band, it would have indicated an oversold condition.
The Relative Strength Index (RSI) also confirms the overbought status, as it currently reads above 70. This further reinforces the likelihood of a pullback in POPCAT’s price.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Given these conditions, POPCAT could see a decline toward $0.90. If heavy profit-taking occurs, the price might drop as low as $0.76. However, if buying pressure intensifies and trading volume increases, this outlook could change, with the meme coin potentially climbing to $1.50.
Disclaimer
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