Amid the ongoing market crash, Popcat (POPCAT), the popular Solana-based meme coin, has lost its momentum and is poised for a massive price decline in the near future. At press time, the overall cryptocurrency market is experiencing a downturn, with top assets like Bitcoin (BTC), Ethereum (ETH), and others facing significant price declines.
This price decline has shifted market sentiment toward a bearish trend for POPCAT, as it failed to hold the crucial support level of $0.70, which it had maintained for nearly three weeks. Currently, POPCAT is trading below the $0.65 level, having experienced a price decline of over 17.5% in the past 24 hours.
This significant price decline and the failure to hold crucial support have attracted the attention of investors and traders. It appears they are either selling off their positions or building short positions, as the meme coin shows bearish momentum. This activity has led to a 22% increase in trading volume during the same period.
According to expert technical analysis, the recent crash has caused POPCAT to not only break a crucial support level but also breach a prolonged consolidation zone that had formed around this support.
Based on recent price action, following the breakdown, there is a strong possibility that the price could drop by 50%, reaching the $0.315 mark in the future, as there is no significant support between these levels to halt the decline.
This bearish outlook has raised concerns among long-term holders, leading to a significant sell-off observed on exchanges, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have recorded an inflow of over $1 million worth of POPCAT.
In the cryptocurrency landscape, inflow indicates that long-term holders have moved their assets from wallets to exchanges, which can create selling pressure and potentially lead to further price declines.
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