Solana [SOL] memecoins continue to gain momentum despite many skeptics considering them short-term projects. However, Solana's creators are proving otherwise, with Bonk taking the lead, aiming to launch the Bonk ETP that could pave the way for an ETF in the future.
Following this trend, Popcat [POPCAT] is also asserting its position. Launched in March 2024 in a bull market, POPCAT is now approaching the $1 price mark, up more than 18% at the time of publication, according to CoinMarketCap.
Record 24-hour trading volume surges over 128%, propelling POPCAT to the top of the CoinGecko rankings surpassing all top cryptocurrencies by market cap, including booming AI coins like Bittensor (TAO), Arweave (AR), and NEAR Protocol (NEAR).
With the impressive increase in POPCAT price and volume, the question is: how high can it go in 2024?
Popcat shows bullish momentum
POPCAT is showing a strong uptrend, with the price gradually increasing since September 8.
On the daily chart, the price has consistently seen green candles, except for three days, reflecting a two-week uptrend. The market crash on August 5 appears to have marked the lowest point, as the price has not returned to that level.
POPCATâs current bullish momentum suggests a breakout above $1, which could lead to further gains. If market conditions remain favorable, the price could reach $2 by year-end, representing a gain of over 100%.
However, it is likely that POPCAT will face resistance and stop at $1 before moving further. It could also face a temporary reversal near the 0.61 Fibonacci level before resuming the uptrend.
If the price falls below the recent higher low, this could signal a potential reversal and further analysis is needed.
Currently, POPCAT continues to show strength, and traders are watching to see a decisive breakout higher.
OI-weighted funding and liquidation ratios
Open interest-weighted funding ratio and liquidation numbers further shape the optimism around POPCAT.
Analysis from Velo reveals that futures market indicators, including funding rates, open interest, and liquidation numbers, show strong confidence in POPCAT.
Open interest has hit a new all-time high, retesting previous highs, while funding rates remain positive, reinforcing the bullish outlook for the token.
Additionally, the low number of liquidations suggests that few traders are betting against the token, making a $2 price point a strong possibility.
With these trends, POPCAT shows potential for continued growth in 2024, and if current conditions persist, traders could see significant profits from this Solana-based memecoin.
