The memecoin Popcat [POPCAT], based on the popular Solana [SOL] blockchain, has been attracting attention in the digital currency market due to its remarkable performance.
On October 24th, while major cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB] were struggling to make gains, Popcat saw a notable surge.
Recent Price Movement of POPCAT
Currently, POPCAT is trading at around $1.644, having surged by more than 18% in the last 24 hours.
During this period, its trading volume increased by 23%, signaling increased activity from both traders and investors compared to the previous day.
This surge could be attributed to Solana’s recent breakout and the rising popularity of meme tokens on the Solana network.
Analysis of Trends and Key Levels
According to technical analysis from CryptoCrypto, POPCAT is showing bullish signs after breaking out from a consolidation range between $1.13 and $1.54, shifting from a bearish to a bullish trend.
This breakout suggests that the memecoin could potentially reach new highs in the days ahead.
Positive On-Chain Indicators
Positive sentiment around POPCAT is reinforced by on-chain metrics. CoinGlass, an on-chain analytics platform, reported that POPCAT’s Long/Short Ratio stood at 1.045, indicating a strong bullish sentiment among traders.
Additionally, the Open Interest (OI) for POPCAT surged by 29% in the last 24 hours and 8.6% in the past four hours, pointing to increasing interest from traders and investors and a rise in positions compared to previous days.
Currently, 53.2% of top traders hold long positions, while 48.8% are in short positions. The rising Open Interest and a Long/Short Ratio above 1 are often considered by traders and investors when taking long positions.
Key Liquidation Levels
Key liquidation levels are currently around $1.597 on the downside and $1.663 on the upside, with traders being over-leveraged at these levels, according to data from Coinglass.
If the positive sentiment persists and the price climbs to $1.663, short positions worth approximately $1.27 million may be liquidated.
On the other hand, if sentiment shifts and the price drops to $1.597, around $2.16 million in short positions could be liquidated.
This data on liquidation suggests that the current market sentiment is bullish, with the potential for further support for the upward trend.