Popcat price has gone vertical, making it one of the best-performing coins this year. It has risen in the last three consecutive days, hitting a record high of $1.68 and bringing its valuation to over $1.6 billion. It flipped Bonk to become the second-biggest Solana meme coin after Dogwifhat.
Popcat surge has accelerated
Popcat’s surge, which we accurately predicted, has coincided with its popularity among investors, as evidenced by the rising number of holders. It now has over 77.7k holders, much higher than last month’s low of 65,000. The top-ten wallets account for just 20% of its holdings.
Popcat’s rally also happened as its volume in centralized and decentralized exchanges jumped. Data by CoinGecko shows that its volume on Thursday morning was over $146 million. It has averaged over $120 million in the past few weeks. Most of its volume is in Bybit, followed by Gate.io, Raydium, and Orca.
More data shows that Popcat’s futures open interest has jumped sharply in the past few days. It had $277 million in open interest, a record high. This is a big increase since its open interest was less than $20 million in August this year.
A higher open interest figure is usually seen as a bullish thing for a cryptocurrency because it is a sign of more demand among traders.
Another notable data is that the shorts liquidations have soared in the past few days. It had shorts liquidations worth over $618,000 on Thursday compared to bulls worth $62,000. Shorts liquidations mean that traders who bet against the token have seen their positions closed.
Popcat’s surge coincided with an increase in other tokens in the Solana ecosystem. Cat in a dogs world token rose by 20% in the last 24 hours, while GOAT and Book of Meme soared by over 20%.
Meanwhile, the role of Solana in the DEX industry has soared, with the seven-day volume soaring by 36% to over $14.7 billion. Ethereum handled less than $8 billion.
Popcat price formed a bullish pennant pattern
Popcat chart by TradingView
The rally happened after the Popcat token formed a bullish pennant chart pattern, which is characterized by a long flag pole and a triangle pattern. It has now soared above the upper side of the triangle and the flag pole at $1.5535.
Popcat remains above the 50-day moving average, while oscillators like the Relative Strength Index (RSI) and MACD have all pointed upwards.
Therefore, the path of the least resistance for the token is bullish, with the next point to watch being at $2.
