Over the last few days, Popcat (SOL), a popular meme currency, has been stabilizing its price inside a rangebound pattern. This happens after the 26th of September, when the token reached a new all-time high of $1.08. The value of the cryptocurrency has been very volatile and unpredictable since it reached this rare barrier.
Data from CoinMarketCap shows that POPCAT started the week at $0.9667 and surged to its all-time high at almost $1.08 later in the day. Still, the token's price went through a downturn, hitting a weekly low of $0.9128, before recovering and finding support above $0.95.
At the time of writing, one POPCAT token was trading at $0.9801, a rise of 4.61% from the price one day before. The cryptocurrency's trading volume, nevertheless, gives a more positive impression. It has surged 47.26 percent to $211,085,489 in the span of a single day.
Reasons for the large volume of trades include the opportunity to benefit from the token's price volatility. The intraday market cap for Popcat (SOL) is $960,513,678 at the moment, firmly placing it as the 69th biggest cryptocurrency according to market rankings.
The Popcat (SOL) coin is now undergoing a consolidation period according to the technical analysis. For example, there seems to be an equilibrium between buying and selling pressures as the relative strength index is now hovering around the neutral 50 level.
But the relative strength index (RSI) is trending upwards and is now at 52.08, so a bullish breakthrough is likely to happen soon. Additional confirmation of the move's legality would be provided by a crossing with the signal line at 53.34. Similarly, the directional movement indicator shows that the +DI is lower than the -DI, at 16.2005 compared to 19.1453.
The bears seem to be in control of the purchasing and selling pressure, but the distance between them is closing, which might indicate that mood is shifting toward a consolidation phase. Conversely, the ADX score, which is now hovering at 17.6555, suggests that the present trend is not very strong.
Where Does Popcat (SOL) Go From Here?
The 4-hour time frame shows that the POPCAT token, which is part of the Popcat (SOL) cryptocurrency, has been moving upwards in a bullish channel since September 6, when it reached its monthly low of $0.4636. Since then, the meme coin's price has been steadily rising, signaling a positive trend that ultimately led to its all-time high of $1.08.
Nevertheless, the token's formation of a symmetrical triangle pattern upon hitting this level suggests a potential short-term price consolidation. The Popcat (SOL) price has been behaving itself, ranging inside this trend. However, a huge price swing might occur from a breakout in any direction.
If the market's bulls win out, Popcat (SOL) might see its value soar towards its previous peak before smashing through and setting a new record. If this happens, the POPCAT token may be propelled into anomalous zones around $1.357, a potential area of fast price gain.
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