Solana’s POPCAT Poised for Mega Breakout, On-Chain Metrics Hint at Buy Opportunity

Published by

Zameer Attar

September 23, 2024

Popcat (POPCAT), the popular Solana-based meme coin is poised for a significant upside rally as its on-chain metrics flash bullish signals near the breakout level. Over the past few days, POPCAT has been making a wave in the cryptocurrency landscape following a substantial price surge of over 40%.

POPCAT Price Momentum

At press time, the meme coin is trading near $0.963 and has experienced a price surge of over 16% in the past 24 hours. During the same period, investor and trader participation has skyrocketed. According to CoinMarketCap data, POPCAT’s trading volume has increased by 130% in the last 24 hours.

POPCAT Technical Analysis and Upcoming Levels

According to expert technical analysis, POPCAT appears bullish and is currently facing a strong resistance level of $1. However, this is the third time the meme coin has reached this level. Earlier, when it hit this level, it experienced notable selling pressure, resulting in a 20% price decline.

This time the sentiment has completely changed, and based on the recent performance there is a high possibility that the POPCAT price could soar significantly and also make a new high.

Bullish On-Chain Metrics

This positive outlook for the meme coin is further supported by on-chain metrics. According to the on-chain analytic firm Coinglass, POPCAT’s Long/Short ratio currently stands at 0.1035, indicating bullish market sentiment among traders.

Additionally, its future open interest has increased by 30% in the last 24 hours, and 6.8% in the last four hours. This growing open interest signals a bullish trend for the meme coin.

Traders and investors often use the combination of rising open interest and a long/short ratio above 1, while building long positions. Currently, 51% of top traders hold long positions, while 49% hold short positions.

The current on-chain data suggests that bulls are currently dominating the asset, and there is a strong possibility it could break the resistance level.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.