Amid this ongoing recovery, the popular Solana-based meme coin Popcat (POPCAT) is poised for a massive upside rally as its open interest skyrockets. Unlike Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), the POPCAT was the only major cryptocurrency that didn’t experience a price decline following Iran’s strike against Israel.
POPCAT is currently trading near $1.08 and has experienced a significant price surge of over 17% in the past 24 hours. Additionally, it reached a new all-time high of $1.10. Despite this notable price surge, its trading volume has dropped by 19% during the same period, indicating lower participation from traders and investors, potentially due to fear of a trap or a price decline in the coming days.
The potential reason for this ongoing market recovery is job data that came in stronger than expected in the United States. Additionally, there is a high possibility that the FED will implement a 50 basis point rate cut in November 2024.
According to expert technical analysis, POPCAT appears bullish and is on the verge of a mega breakout. For the straight ten days, the meme coin has been consolidating near the resistance level of $1.05. With the recent price surge, it seems that POPCAT could break out of this consolidation and experience a massive upside rally in the coming days.
Whenever the consolidation zone breaks near the resistance level, the asset tends to soar significantly. This bullish thesis will only hold if POPCAT closes its daily candle above the consolidation zone, otherwise, it may fail.
This bullish outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, POPCAT’s Long/Short ratio currently stands at 1.025, indicating bullish market sentiment.
Additionally, its future open interest has risen by 40% and has been steadily rising, indicating that traders are increasingly betting on long positions following the potential breakout of the consolidation zone.
Traders and investors often consider rising open interest and a long/short ratio above 1 when building long positions.
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