Solana-Based Memecoin POPCAT Hits All-Time High

The Solana-based memecoin POPCAT reached an all-time high on September 25, with its market cap surpassing the $1 billion mark. At press time, POPCAT was still up 10% over the past day, trading at $1.02. The coin had surged to its peak of $1.07 earlier in the day, marking an almost 60% increase from its weekly low.

Market Performance and Investor Interest

POPCAT’s recent price surge has propelled its market cap over $1 billion, placing it in the 82nd position among cryptocurrencies. Its daily trading volume also saw a significant jump of 53%, reaching around $136 million. The social sentiment around POPCAT has been bullish, with data indicating increased interest from large investors. Notably, one whale purchased $1.3 million worth of POPCAT at $1 on the same day.

Open Interest and Funding Rates

According to recent data, POPCAT’s open interest is up 13%, hitting an all-time high of $106 million. This rise suggests an increasing number of traders are engaging with the memecoin, driving its rally. Additionally, the weighted funding rate has spiked to a record high of 0.0200%, further supporting the coin’s upward momentum.

Technical Indicators

The surge has brought POPCAT close to the upper Bollinger Band, currently at $1.0704. This indicates that the asset is nearing an overbought zone, though it also reinforces the strong bullish momentum in the short term. Furthermore, the Commodity Channel Index (CCI) spiked to 143.81 following the recent rally, well above the overbought threshold of 100. Such elevated readings typically signal the potential for an impending correction, urging caution among traders.

If POPCAT continues to gain momentum and breaks above the $1.070 resistance level, it could push higher, with $1.2 as the next psychological target.

Conversely, failure to maintain current support levels could lead to a decline, with the middle Bollinger Band around $0.7482 serving as the first support zone. Traders should be cautious of potential consolidation or heightened volatility around these critical levels.

Broader Market Trends

Popcat’s latest rise is part of a broader rally in cat-themed meme coins. Other Solana-based tokens like Cat in a Dog’s World saw an 8% gain in the last 24 hours, while Mog Coin and Michi climbed 5.6% and 7.4%, respectively.

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