- POPCAT experienced a significant increase in trading volume as its price rose.
- The market sentiment towards the memecoin turned bearish.
The Solana-based memecoin, POPCAT, surprised investors with its impressive performance last week. However, its momentum has slowed down in the past 24 hours, leading to a consolidation phase.
Will POPCAT regain bullish momentum, or are investors in for a period of reduced volatility?
POPCAT’s Remarkable Bull Run
POPCAT, a recent addition to the Solana memecoin ecosystem, saw significant growth last week. According to CoinMarketCap, the memecoin’s price surged by an impressive 90%.
As a result, POPCAT quickly climbed the ranks in terms of market capitalization, becoming the 84th largest cryptocurrency. At the time of writing, the memecoin was trading at $0.7459 with a market cap exceeding $730 million.
While POPCAT’s price surged, its trading volume also increased significantly, ranking 59th among cryptocurrencies by trading volume on CoinMarketCap.
However, a shift in investor sentiment was observed around POPCAT, with a decrease in social volume indicating a decline in popularity.
Source: Santiment
Future Prospects for POPCAT
The recent drop in social metrics may be attributed to the halt in POPCAT’s bullish momentum. In the last 24 hours, the memecoin’s volatility decreased, with a modest 2% price increase.
An analysis of Coinglass’ data revealed a bearish signal, with more short positions than long positions in the market.
Source: Coinglass
Technical indicators such as the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) suggest a potential price correction for POPCAT. If this occurs, the memecoin could drop to $0.64 and possibly further to $0.36.
Despite these indicators, the MACD indicator signals that bullish momentum is still dominant, with a possibility of POPCAT reaching $0.97 again.
Source: TradingView
Read POPCAT Price Prediction 2024-25
While POPCAT saw a 90% increase, other Solana-based memecoins like dogwifhat [WIF] and BONK also experienced bullish trends. WIF’s price rose by 34% last week, while BONK saw a 17% increase.
At present, WIF is trading at $1.83 with a market cap exceeding $1.83 billion, while BONK is valued at $0.0000206 with a market cap of over $1.43 billion.
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