On September 25, Solana-based memecoin POPCAT reached an all-time high as its market cap surged past the $1 billion mark. At press time, POPCAT was trading at $1.02, reflecting a 10% increase over the previous day. Earlier, it peaked at $1.07, nearly 60% higher than its weekly low.
This recent price surge has propelled POPCAT to the 82nd position among cryptocurrencies, according to CoinGecko. Additionally, the daily trading volume jumped by 53%, reaching approximately $136 million.
Positive Market Sentiment and Whale Activity
The social sentiment surrounding POPCAT has been bullish, as highlighted by CoinMarketCap data. Following its recent achievement, large investors, or whales, have shown interest, with one investor purchasing $1.3 million worth of POPCAT at $1 on the same day.
Data from Coinglass reveals that POPCAT’s open interest has increased by 13%, reaching an all-time high of $106 million, indicating growing trader engagement. The weighted funding rate has also spiked to a record 0.0200%, further supporting the coin’s upward trajectory.
Technical Indicators and Future Outlook
The surge has brought POPCAT close to the upper Bollinger Band, currently at $1.0704, suggesting it may soon enter an overbought zone. This reinforces the strong bullish momentum in the short term. The Commodity Channel Index (CCI) has also risen sharply to 143.81, significantly above the overbought threshold of 100. Such elevated readings often signal a potential correction, prompting caution among traders.
If POPCAT continues its upward momentum and breaks above the $1.070 resistance level, it could aim for the psychological target of $1.20. Conversely, if it fails to maintain current support levels, a decline may follow, with the middle Bollinger Band at around $0.7482 serving as the first support zone. Traders should remain vigilant for possible consolidation or increased volatility around these critical levels.
Broader Meme Coin Rally
POPCAT’s rise is part of a wider rally among cat-themed meme coins. Another Solana-based token, Cat in a Dog’s World, has seen an 8% gain in the last 24 hours, while Mog Coin and Michi have climbed 5.6% and 7.4%, respectively.
