Popcat (POCAT), a popular Solana-based meme coin, has been outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). On October 23, 2024, while other cryptocurrencies were struggling to gain momentum, POPCAT soared with an impressive price surge of over 12%.
Factors Behind the POPCAT Price Surge
The significant upward movement in POPCAT’s price can be attributed to the continuous support and interest from investors and traders in the meme token. According to on-chain analytics platform Coinglass, the Long/Short ratio for POPCAT currently stands at 1.03, indicating a strong bullish sentiment among traders. Additionally, the open interest in POPCAT has seen a 16.2% increase in the past 24 hours, signaling a growing confidence in the meme coin.
The increasing open interest suggests that traders have a strong belief in POPCAT and are more inclined towards long positions rather than short positions. This trend often indicates a positive outlook for the asset.
Technical Analysis and Future Levels for POPCAT
Based on expert technical analysis, POPCAT has been trading within a range of $1.2 and $1.5 over the past two weeks. The current price of the meme coin is close to the upper boundary, which is acting as a significant resistance level.
If POPCAT manages to break above the $1.5 level and sustains its position, there is a strong possibility of reaching new highs in the near future. However, failure to breach this resistance level could lead to a price decline in the coming days.
Currently, POPCAT is trading around $1.44, recording a price surge of over 13% in the last 24 hours. The trading volume has also increased by 5%, indicating a growing interest from traders and investors compared to the previous day.
