Cat Token POPCAT Sees 18% Surge within 24 Hours, Predictions Point to $2 Target in 2024
The world of Solana [SOL] memecoins is gaining traction, defying skeptics who question their longevity. Leading the charge is Bonk, with plans for a Bonk ETP that could pave the way for an eventual ETF, proving the potential of Solana projects.
Following this wave is Popcat [POPCAT], which made its debut in the bullish market of March 2024. With a price approaching $1 and an impressive 18% gain within 24 hours, Popcat is making waves and sits at the top of the CoinGecko charts in terms of trading volume, surpassing major cryptocurrencies like Bittensor (TAO), Arweave (AR), and NEAR Protocol (NEAR).
Given Popcat’s recent surge, the question now arises: how far can it climb in 2024?
Popcat’s Rising Momentum
POPCAT is exhibiting a strong bullish trend, steadily climbing since the 8th of September.
An analysis of the daily chart shows a consistent uptrend with mainly green candles, showing a positive two-week trend. The market crash on the 5th of August seems to have marked the price’s low point, as it has not revisited that level since.
The current momentum indicates a potential breakthrough above the $1 mark, signaling the possibility of further gains. If market conditions remain favorable, the price might even reach $2 by the year’s end, offering gains of over 100%.
While there is a chance of resistance at the $1 level, potentially causing a temporary pause before further upward movement, a reversal near the 0.61 Fibonacci level could also occur before the uptrend continues.
A drop below the recent higher low might indicate a trend reversal, necessitating further analysis.
For now, Popcat is displaying strength, with traders eagerly monitoring for a decisive breakout.
Market Data Highlights and Predictions
Open interest-weighted (OI-weighted) funding rates and the absence of significant liquidations further bolster the bullish sentiment surrounding Popcat.
Insights from Velo indicate that metrics from the futures market, including funding rates, open interest, and the level of liquidations, all point to strong market confidence in Popcat.
The surge in open interest to a new all-time high, with funding rates maintaining positivity, reinforces the optimistic outlook for this feline-themed token.
Moreover, the low number of liquidations suggests a minor bet against the token, increasing the likelihood of a move towards the $2 price level.
These positive trends position Popcat for potential growth in 2024. Should the existing conditions persist, traders may witness significant returns from this memecoin based on the Solana blockchain.