POPCAT breaks key support: Will it reach $1.20 soon?
POPCAT could soar by 25% to reach the $1.20 level shortly.
- On-chain metric revealed that exchanges have witnessed an outflow of $1.69 million worth of POPCAT.
- Currently, 52.97% of top traders held long positions, while 47.03% hold short positions.
Popcat [POPCAT], the popular Solana [SOL]-based memecoin, appears to be shifting its market sentiment due to its current price action on the daily timeframe.
This shift comes as the memecoin reflects broader sentiment changes across the cryptocurrency landscape, where top assets like Ripple [XRP], Solana, and Cardano [ADA] have witnessed notable gains.
POPCAT’s bullish on-chain metrics
Since December 2024, POPCAT has experienced a significant price decline of over 65%. Despite this drop, investors have shown strong interest and confidence, as they appear to be accumulating the token, according to the on-chain analytics firm Coinglass.
Data from POPCAT’s Spot Inflow/Outflow metric revealed that exchanges witnessed a significant outflow of $1.69 million worth of POPCAT in the past 24 hours.
Spot Inflow/Outflow refers to the movement of tokens between exchanges and wallets, providing insights into investor sentiment.
This metric indicates that long-term holders have moved the tokens from exchanges to their wallets, potentially signaling accumulation. In the cryptocurrency landscape, outflow is often seen as a sign of a potential buying opportunity and possible upside momentum.
Traders’ rising interest
As long-term holders show confidence, traders are also increasing their interest in POPCAT, with open interest rising significantly in the past 24 hours.
According to Coinglass data, POPCAT’s Open Interest has surged by 8.7% in the past 24 hours. At press time, the Long/Short Ratio stood at 1.126, indicating bullish sentiment among traders.
Data reveals that 52.97% of top traders currently hold long positions, while 47.03% hold short positions.
Combining these on-chain metrics, it appears that bulls are currently dominating the asset, which could help the memecoin reach its predicted target in the future.
POPCAT technical analysis and key levels
According to AMBCrypto’s technical analysis, POPCAT has recently broken out of a prolonged consolidation zone and established a crucial support level at $0.70.
Additionally, POPCAT has not only experienced a breakout but has also closed a daily candle above the narrow zone, indicating a bullish signal.
Based on the technical analysis, there is a strong possibility that the memecoin could soar by 25%, reaching the $1.20 level in the future. Currently, indicators like the Relative Strength Index (RSI) were well below the overbought zone, suggesting a potential upside rally.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
At press time, POPCAT was trading near $0.86 and has experienced an upside momentum of over 5.35% in the past 24 hours.
During the same period, its trading volume surged by 7%, indicating increased participation from traders and investors compared to the previous day.
