POPCAT, the Solana-based meme coin, hit an all-time high of $1.67, marking a 24.64% increase.
POPCAT has seen a 31% increase in open interest in the futures market over the past 24 hours.
While major cryptocurrencies like Bitcoin and Ethereum are declining, the Solana-based memecoin POPCAT (SOL) has been spotted as a top gainer, reaching an all-time high of $1.67. In the last 24 hours, the POPCAT recorded maximum gains in the market, climbing over 24.63% from a low of $1.34.Â
The surge in the altcoin price comes after a brief dip earlier in the week, suggesting a resurgence in buying interest that has propelled POPCAT to its current peak.
The recent movement signifies a substantial reversal from the bearish trend that was previously noted between POPCAT’s price and its Chaikin Money Flow (CMF). This indicator monitors the flow of capital in and out of an asset.Â
Currently, the CMF is on an upward trajectory. That sits well above the zero line at 0.05, which reflects strong buying momentum. This synchronization between the POPCAT price and the CMF indicates strong buying interest, adding credibility to the ongoing rally.
Current Market Trends for POPCAT
At the time of writing, the token retraced slightly to $1.62; it remains above key support levels. Notably, there’s been a 31% increase in open interest in the futures market. That indicates heightened market activity, as per Coinglass data.
Adding to the optimism, the Relative Strength Index (RSI) is hovering around 57. Signaling that there’s still room for growth before entering overbought territory. Furthermore, POPCAT is trading above its 9-day Exponential Moving Average (EMA), a sign that buyers are in control and the price could continue its ascent.
If the current momentum persists and demand stays strong, POPCAT could break its recent peak of $1.67 and possibly reach the $2 mark.Â
However, investors should remain cautious as profit-taking could lead to a drop below support levels, pushing the price to $1.1975. POPCAT expected to trade between $1.25 and $1.42 before the end of October.
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