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Solana-based meme coin POPCAT has become the cryptocurrency market’s biggest gainer, with a massive price surge over the past 24 hours.

POPCAT experienced a brief dip earlier this week, followed by a significant rise, which means buying pressure could rise again, pushing POPCAT back to its all-time high of $1.55.

The recent price action marks a significant reversal from the previously observed bearish divergence between POPCAT price and its Chaikin Fund Flow (CMF).

The technical indicator, which tracks capital inflows and outflows into and out of an asset, has now aligned with price trends, trending up and trading 0.03 above its zero line. This synchronization between price and CMF suggests strong buying interest, adding credibility to the current rally.

Further supporting the bullish view, POPCAT’s On Balance Volume (OBV) indicator is trending upward and currently stands at 30.02 million. OBV measures buying and selling pressure based on volume, suggesting that more investors are accumulating assets, which could drive prices further higher.

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The positive sentiment extends to POPCAT’s futures markets, with the cryptocurrency exchange’s funding rate at a bullish 0.014%. This indicator suggests that derivatives traders are positioning themselves for continued price increases, reflecting broader market optimism.

POPCAT is currently trading at $1.35, just above the $1.27 support level and 14% below its all-time high. If the current market momentum continues and demand remains strong, POPCAT could challenge and surpass its previous peak of $1.55.

However, market participants must remain vigilant about potential downside risks. A surge in profit-taking could push POPCAT below current support levels and potentially trigger a drop to the $0.90 mark.