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Popcat, a meme token on the Solana blockchain, experienced a significant rally, emerging as the top gainer among the top 100 crypto assets over the past day. As of now, Popcat (POPCAT) is up 6.2%, trading at $0.9918, and has recorded a 7.4% increase over the past week. Notably, on September 25, the token reached all-time highs, surpassing both $1 in price and $1 billion in market cap.
Currently, Popcat’s market cap stands at approximately $970 million, with daily trading volume around $107 million. Analyst Bluntz noted on X that Popcat is showing positive signs with a healthy ABC correction pattern visible on the 4-hour chart, indicating a potential upward movement after a temporary counter-trend.
The data from Coinglass reveals that POPCAT’s open interest has surged by 12.6%, reaching an all-time high of $125.71 million, highlighting increased trader activity that may be driving the token’s rally. Additionally, the weighted funding rate has climbed to a record high of 0.0484%, further supporting the upward momentum.
Social sentiment around Popcat is bullish, with 70% of participants on CoinMarketCap expecting further gains in the near term. On the daily chart, POPCAT is currently above its 50-day EMA, suggesting upward momentum and potentially serving as a buy signal for traders.
The surge has brought POPCAT close to the upper Bollinger Band, currently at $1.1075, indicating that the asset may soon enter an overbought zone while still supporting short-term bullish momentum.
The Commodity Channel Index (CCI) for Popcat currently sits at 78.87, suggesting that there is still potential for further gains before the asset enters overbought territory. If Popcat continues its upward trajectory and successfully breaks through the $1.1075 resistance level, the next psychological target could be $1.2.
On the flip side, if Popcat fails to maintain its current support levels, a pullback could occur, with the middle Bollinger Band around $0.8497 serving as a critical support zone. Traders will be closely monitoring these levels to gauge the token’s next moves. Overall, the indicators suggest that while Popcat is positioned for potential further gains, vigilance will be necessary to navigate any volatility.
