Popcat, a Solana-based meme coin, has recorded an impressive rally to secure a new all-time high, defying the overall market’s shaky sentiment.
This dramatic increase continues a multi-day trend, with the asset experiencing notable upward momentum since Oct. 4. On that day, Popcat (POPCAT) rallied by 21.8%. Interestingly, Oct. 6 brought another 15.17% spike, fueling the ongoing bullish surge.
POPCAT is up 19% in the past 24 hours and is trading at $1.45 at the time of writing. Its price has also appreciated 53% in the last week, with its market cap surging to $1.4 billion. A spike in 24-hour volume to $155.8 million confirms the growing interest.
The asset’s rise pushed it to a new all-time high of $1.48 this morning, breaching the $1.07 peak set last month. Despite correcting slightly from $1.48, POPCAT remains in price discovery. The spike now places it above the Upper Bollinger Band at $1.338, indicating an overbought condition.
This often suggests a potential price correction is on the horizon, as market participants look to take profit. However, in strong bullish trends, prices can remain overbought for extended periods, leading to further gains.
The Commodity Channel Index, which is currently at 267.67, supports this. This CCI reading signals extreme buying pressure and a potential reversal if the trend weakens.
Nonetheless, if buying momentum persists, this momentum could push POPCAT into higher territory before any meaningful pullback.
Should a pullback occur, immediate support lies at $1.2172. A drop below this level would expose the coin to further losses, with $1.0698 acting as the last line of defense above the psychological $1 mark.
If the price were to collapse below $1, bulls would need to defend the $0.8313 pivot level to avoid falling into bearish territory. Despite these possible risks, the price action remains bullish for now.
Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
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