Popcat, a meme token on the Solana blockchain, has recently experienced a significant rally, emerging as the highest gainer among the top 100 crypto assets over the past day.

As of now, Popcat has increased by 6.2%, trading at $0.9918. Over the past week, the meme coin saw gains of 7.4%, with the highest recorded on September 25, when both its price and market cap surged past $1 and $1 billion, respectively, marking their all-time highs.

The meme coin’s market cap currently stands at $970 million, with a daily trading volume around $107 million.

Technical Analysis and Market Sentiment

According to a recent analysis, Popcat is exhibiting positive signs, with a healthy ABC correction pattern visible on the 4-hour chart, just below its all-time highs. This setup typically indicates a temporary counter-trend movement within a larger trend.

Traders observing this pattern often see it as an opportunity to enter long positions in anticipation of the next upward move. Based on this, it is speculated that the next upward move could help Popcat break past its previous all-time high.

Data shows that Popcat’s open interest has surged by 12.6%, hitting an all-time high of $125.71 million, reflecting growing trader activity which appears to be fueling the meme coin’s ongoing rally. Additionally, the weighted funding rate has reached a record high of 0.0484%, further reinforcing the coin’s upward momentum.

Social sentiment surrounding the meme coin is largely bullish, with 70% of participants expecting further gains in the short term.

Technical Indicators

On the 1-day chart, Popcat is currently above its 50-day Exponential Moving Average (EMA), suggesting that the asset is gaining upward momentum, and traders may view it as a potential buy signal for further gains.

The surge has propelled Popcat close to the upper Bollinger Band, which currently sits at $1.1075. This indicates that the asset will soon reach an overbought zone, though it also supports the bullish momentum in the short term.

POPCAT price, Bollinger Bands, and RSI indicate strong upward potential.

Additionally, the Commodity Channel Index (CCI) sits at 78.87, adding weight to the idea that Popcat’s rally still has room for further gains before reaching overbought levels.

Future Projections

Should Popcat continue its upward momentum and break through the $1.1075 resistance, the next psychological target could be $1.2. Conversely, failure to hold current support levels could lead to a pullback, with the middle Bollinger Band around $0.8497 acting as a key support zone.

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