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The past few weeks have been unfavorable for Popcat (POPCAT), the popular Solana-based meme coin, but now, looking at the current price action, it seems the market sentiment is shifting. As of today, February 9, 2024, POPCAT is gaining significant attention from crypto enthusiasts and is poised for massive upside momentum.
POPCAT’s 40% Rally
POPCAT is currently trading near $0.305 and has experienced a price surge of over 40% in the past 24 hours. This massive upside rally has shifted the current price action towards the bullish side, resulting in notable participation from traders and investors. As a result, the meme coin’s trading volume surged by 38% during the same period.
This participation doesn’t just come following the massive price surge, but also after the price reached the bullish breakout level.
POPCAT Technical Analysis and Upcoming Level
According to expert price action, POPCAT has successfully formed a bullish long-falling wedge price action pattern on the daily time frame and is currently on the verge of a breakout. In the recent price drop, the meme coin lost several crucial support levels, including $1.12, $0.70, and $0.30.
However, with 40% upside momentum, the meme coin seems to have regained the support level and is poised for a bullish breakout.
Based on the recent price action, if POPCAT sustains this gain, breaches this pattern, and closes a daily candle above the $0.40 level, there is a strong possibility the meme coin could soar by 80% to reach the $0.70 level, then gradually towards the $1.12 level, and beyond.
As of now, the meme coin is trading below the 200 Exponential Moving Average (EMA) on the daily time frame, indicating that it is in a downtrend.
$2.15 Million of POPCAT Inflow
With this bullish price action, some whales and long-term holders have been dumping their holdings onto exchanges, as reported by the on-chain analytics firm Coinglass. Data from the spot inflow/outflow reveals that exchanges across the crypto landscape have witnessed an inflow of over $2.15 million worth of POPCAT meme coin, which indirectly hints at a potential sell-off for profit booking.
However, such inflows onto exchanges after rallies can cause selling pressure and a further price drop, though the market has not reacted much, which also hints at the sustainability of traders and investors.