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 waves 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. Previously, when it hit this level, it experienced notable selling pressure, resulting in a 20% price decline.
This time, the sentiment has completely changed. Based on recent performance, there is a high possibility that the POPCAT price could soar significantly and even 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 dominating the asset, and there is a strong possibility it could break the resistance level.
Conclusion
The recent bullish momentum and favorable on-chain metrics indicate that POPCAT is on the brink of a significant upside rally. With growing investor interest and increasing trading volumes, the meme coin is positioned well for future gains. As always, investors should conduct their own research and consider market conditions before making any financial decisions.
