Popcat, a prominent meme coin on the Solana network, has extended its bullish momentum, reaching its highest level since March 3. The Popcat token surged to $0.2722, nearly doubling from its lowest price this year. Its market capitalization has climbed to $254 million, making it the sixth-largest meme coin within the Solana ecosystem.

Popcat’s Impressive Performance

The upward trend in Popcat’s price aligns with the broader recovery seen among other Solana meme coins. Leading tokens such as Fartcoin, Dogwifhat, Peanut the Squirrel, and Cat in a Dog’s World have all experienced gains exceeding 20% in the past seven days. This resurgence highlights renewed investor interest in meme coins within the Solana network.

Supply Trends: A Bullish Signal

Recent data indicates that the amount of POPCAT tokens held on exchanges has declined over the past week. Currently, 237.85 million tokens are held on exchanges, representing a nearly 10% decrease. The total share of supply stored on exchanges has dropped to 24.24%, suggesting that investors are increasingly moving their holdings to self-custody.

This shift to self-custody is often viewed as a bullish indicator, as it signals confidence among holders and reduces selling pressure on exchanges.

Profit Leaders Show Strong Conviction

On-chain data further supports the bullish sentiment. Analysis from Nansen reveals that high-performing traders are demonstrating strong conviction. The most profitable Popcat trader over the past week has earned nearly $2 million and continues to hold 99% of their tokens. Similarly, another trader with $121,000 in realized gains is maintaining 99% of their holdings. This level of commitment from profit-leading holders underscores their confidence in the token’s future performance.

“The decrease in exchange-held tokens and the strong conviction among top traders suggest that Popcat is poised for further growth.”

Technical Analysis of Popcat Price

Examining the daily price chart, Popcat has been in a sustained downtrend since its peak of $2.07 in November. However, the token recently bottomed out at $0.1590 earlier this month and is now forming a double-bottom pattern—a classic signal of a potential bullish reversal.

Key technical indicators also reflect a positive outlook. The Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) are trending upward, suggesting the formation of bullish divergence. If this momentum continues, Popcat could rally toward the psychological resistance level of $0.50, which represents a 100% increase from its current value.

Potential Risks

Despite the promising signs, investors should remain cautious. Failure to maintain recent gains could signal further downside pressure, especially if bearish sentiment resurfaces in the broader market.

Popcat’s recent performance, coupled with decreasing supply on exchanges and strong conviction from top traders, positions the token as one to watch within the Solana meme coin space. As always, investors should conduct thorough research and consider market conditions before making investment decisions.

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