- POPCAT’s trading volume surged along with its price.
- Market sentiment turned bearish on the memecoin.
Solana [SOL]-based memecoin POPCAT caught investors off guard with its remarkable performance last week. However, things have slowed down in the last 24 hours as the memecoin started to consolidate.
Will POPOCAT once again gain bullish momentum, or should investors expect days of less volatility?
POPCAT’s massive bull rally
POPCAT, one of the latest additions to the Solana memecoin ecosystem, gained much traction last week. As per CoinMarketCap, the memecoin witnessed a whopping 90% price hike.
Thanks to that, the memecoin swiftly gained market capitalization and became the 84th largest crypto. At the time of writing, the memecoin was trading at $0.7459 with a market cap of over $730 million.
While POPCAT’s price showcased the bull rally, its trading volume also surged. To be precise, it ranked 59 on the list of cryptos by trading volume on CoinMarketCap.
However, AMBCrypto’s look at Santiment’s data revealed that investor sentiment around the memecoin changed. After a massive spike on the 23rd of August, POPCAT’s weighted sentiment entered the negative zone, meaning that bearish sentiment increased.
Its social volume also dipped, reflecting a drop in its popularity.
Source: Santiment
What to expect from POPCAT?
A possible reason behind the drop in social metrics could be the halt in its bull rally. In the last 24 hours, the memecoin’s volatility dropped as its price only surged by 2%.
In fact, our look at Coinglass’ data revealed a bearish metric. The memecoin’s long/short ratio dropped, indicating that there were more short positions in the market than long positions.
Source: Coinglass
AMBCrypto’s look at the memecoin’s daily chart revealed that the Chaikin Money Flow (CMF) moved sideways. The Relative Strength Index (RSI) registered a downtick, hinting at a price correction. If that happens, then POPCAT might first drop to $0.64.
A plummet under that mark could result in the memecoin plummeting to $0.36.
Nonetheless, the technical indicator MACD indicated that the bulls were still leading. In the event of a continued price uptick, ten POPCAT might once again touch $0.97.
Source: TradingView
Read POPCAT Price Prediction 2024-25
While POPCAT showcased a 90% rally, other Solana-based memecoins like dogwifhat [WIF] and BONK also turned bullish. As per CoinMarketCap, WIF’s price surged by 34% last week while BONK witnessed a 17% price.
At the time of writing, WIF was trading at $1.83 with a market capitalization of over $1.83 billion. On the other hand, BONK was valued at $0.0000206 with a market cap of over $1.43 billion.