Popcat [POPCAT], the well-known meme coin built on the Solana [SOL] network, seems to be experiencing a shift in market sentiment as its price takes a hit on the daily chart.
This change in sentiment aligns with broader shifts seen across the cryptocurrency market, with leading assets like Ripple [XRP], Solana, and Cardano [ADA] seeing notable price increases.
Positive On-Chain Data for POPCAT
From December 2024 onwards, POPCAT has witnessed a significant decline of more than 65% in its price. Despite this drop, investors are expressing solid interest and confidence as they continue to accumulate the token, as per insights from the on-chain analytics provider Coinglass.
Recent data on POPCAT’s Spot Inflow/Outflow metric shows a notable outflow of $1.69 million worth of POPCAT from exchanges in the last 24 hours.
The Spot Inflow/Outflow metric tracks the movement of tokens between exchanges and wallets, offering valuable insights into investor sentiment.
This metric suggests that long-term holders are transferring their tokens from exchanges to personal wallets, possibly indicating accumulation. In the crypto sphere, outflow often signifies a potential buying opportunity and a chance for uptrend momentum.
Increasing Interest Among Traders
While long-term holders display confidence, traders are also showing heightened interest in POPCAT, with open interest registering a significant uptick in the past day.
Data from Coinglass reveals that POPCAT’s Open Interest surged by 8.7% in the last 24 hours. Currently, the Long/Short Ratio is at 1.126, indicating a bullish sentiment prevailing among traders.
The data further shows that 52.97% of leading traders are holding long positions, while 47.03% have short positions.
With these on-chain metrics aligning, it appears that bullish sentiment is dominant in the market, potentially aiding POPCAT in achieving its projected target ahead.
Technical Analysis and Crucial Levels for POPCAT
According to analysis by CryptoCrypto, POPCAT has recently broken out of a prolonged consolidation phase, establishing a significant support level at $0.70.
In addition to this breakout, POPCAT has not only surpassed the narrow range but has also closed a daily candle above it, giving a bullish signal.
Based on technical analysis, there is a strong likelihood that the meme coin could soar by 25%, aiming to reach the $1.20 mark in the future. Presently, indicators like the Relative Strength Index (RSI) are well below the overbought threshold, hinting at a potential uptrend.
As of now, POPCAT is trading around $0.86, experiencing a positive momentum of over 5.35% in the last 24 hours.
During the same period, trading volume has surged by 7%, indicating increased involvement from traders and investors compared to the previous day.