As an analyst with over a decade of experience in the cryptocurrency market, I have witnessed numerous meme coins rise and fall, some leaving investors with hefty profits while others left them in the red. With that said, the recent price surge of POPCAT has piqued my interest.
The meme coin based on Solana, POPCAT, has recently experienced a significant price jump exceeding 10%, reaching a significant market cap milestone of over $1 billion. Earlier in the day, the price of POPCAT climbed to its all-time high of $1.07, marking an impressive 50% increase on the weekly chart. Simultaneously, the daily trading volume for POPCAT has also increased substantially by approximately 64.5%, surpassing $151 million.
As a researcher delving into the cryptocurrency sphere, I’ve observed an intriguing resurgence in whale activity surrounding the Solana meme coin. Data from LookonChain, a trusted source for crypto whale movements, reveals that one such whale, who earlier suffered a substantial loss of around $611,000 (approximately 45%) on the POPCAT token, has recently decided to invest heavily in this asset, hinting at their renewed interest and confidence.
Over the last two days, an investor purchased approximately 1.3 million POPCAT tokens for about $1.29 million, with each token costing them $1. This demonstrates that these POPCAT meme coins remain a focus for large-scale investors. Additionally:
Over the past two days, a whale experienced a significant loss of approximately $611,000 (or 45%) on an investment in POPCAT, and then proceeded to spend around 8,644 Solana ($1.29 million) to purchase 1.3 million POPCAT tokens at a price of $1 per token.
Can he make money on $POPCAT this time?
— Lookonchain (@lookonchain) September 25, 2024
Additionally, the CoinGlass data reveals that the open interest for POPCAT has jumped by 13% and hit a record $106 million. This trend suggests an increased enthusiasm among traders to participate in the Solana meme coin. Furthermore, the funding rate has also peaked at a historic high of 0.0200%, which reinforces the coin’s bullish trend.
POPCAT Price Technical Chart
On the technical graph, the current price of POPCAT is demonstrating power and is nearly touching the upper boundary of the Bollinger Band, which stands at $1.0704. This implies that the asset might be approaching an overbought state, further emphasizing the strong bullish trend in the immediate future.
Moreover, the Commodity Channel Index (CCI) has spiked to 143.81 due to the recent surge, which is substantially beyond the overbought limit of 100. Typically, such high values suggest a potential correction may occur soon. As a result, traders are advised to exercise caution.
If the price of POPCAT maintains its current upward trend and surpasses the barrier at $1.070, there’s a potential for it to continue climbing, potentially reaching $1.2 as the next significant level.
On the flip side, if the current support levels are not maintained, there could be further drops in value. The lower Bollinger Band, around $0.7482, would serve as an initial area of potential support.
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2024-09-25 17:55