According to Santiment, a crypto analytics firm, a meme token based on Solana (SOL) may be in for a correction after reaching new all-time highs over the weekend.
Santiment reported that Popcat (POPCAT) caught the attention of mainstream traders as it surged from around $0.469 on July 11th to a record high of $0.987 on Saturday, marking a more than 110% increase.
The analytics firm explains that sudden interest following a price surge often leads to a correction, indicating better entry points may be on the horizon.
POPCAT is currently trading at $0.853 and has dropped nearly 7% in the past 24 hours. Despite this, the crypto asset still shows a 14% increase over the past week, ranking 98th by market cap.
Santiment also observes a decrease in Bitcoin traders’ activity on social media, especially among BTC bears, following an unexpected rally in recent weeks.
The firm notes, “The crowd’s gone silent after Bitcoin and crypto have enjoyed a somewhat surprising rebound the past two weeks. Those vocal about an impending bear market in early July have essentially disappeared as BTC has neared $70,000 once again.“
Bitcoin is currently trading at $67,409, showing more than an 8% increase in the past week as the top-ranked crypto asset by market cap.
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