Popcat (POPCAT), the popular Solana-based meme coin, is exhibiting strong bullish signals as it approaches a key breakout level. Recently, POPCAT has been gaining significant attention in the cryptocurrency market with a price surge of over 40%.
As of now, the meme coin is trading around $0.963, showing a remarkable 16% increase in the past 24 hours. The trading volume for POPCAT has also surged by 130% within the same period, indicating heightened investor and trader interest.
From a technical analysis perspective, POPCAT is currently encountering a major resistance level at $1. This level has been tested three times in the past, with previous attempts resulting in a 20% price drop due to selling pressure. However, the current sentiment is more positive, suggesting a potential breakout and a new all-time high for POPCAT.
On-chain metrics further support the optimistic outlook for POPCAT. According to data from Coinglass, the Long/Short ratio for POPCAT stands at 0.1035, reflecting a bullish sentiment among traders. Additionally, the future open interest for POPCAT has seen a 30% increase in the last 24 hours and a 6.8% uptick in the last four hours. This rise in open interest signals a bullish trend for the meme coin.
Traders often consider a combination of rising open interest and a Long/Short ratio above 1 as indicators for building long positions. Currently, 51% of top traders are holding long positions on POPCAT, while 49% are holding short positions.
With the current on-chain data pointing towards bullish dominance and a potential breakthrough of the resistance level, POPCAT is primed for a significant upside rally. As the market continues to evolve, POPCAT could be on the verge of a major price surge, making it an asset to watch closely in the coming days.