Popcat, a Solana-based meme coin, has seen an impressive price rally to a new all-time high despite volatile overall market sentiment.

The sharp rise continues a multi-day trend that has seen the asset experience significant upward momentum since October 4. Popcat ( POPCAT ) rose 21.8% on the day. Interestingly, there was another 15.17% spike on October 6, fueling the ongoing bullish momentum.

POPCAT has gained 19% in the past 24 hours, trading at $1.45 as of this writing. Its price has also risen 53% in the last week, surging its market cap to $1.4 billion. The 24-hour trading volume surged to $155.8 million, confirming the growing interest.

The asset’s surge has taken it to a new all-time high of $1.48 this morning, surpassing the previous peak of $1.07 set last month. Despite a slight pullback from $1.48, POPCAT remains in the price discovery phase. Currently, the surge has taken it above the upper Bollinger Band at $1.338, indicating overbought conditions.

This often means that prices may be about to pull back as market participants look to take profits. However, in a strong bullish trend, prices may remain overbought for a long time, allowing for further gains.

The Commodity Channel Index, currently at 267.67, supports this view. This CCI reading suggests that buying pressure will be strong and a reversal is likely if the trend weakens.

Nonetheless, if the buying momentum continues, the momentum could push POPCAT to higher territory before any meaningful pullback.

In case of a pullback, the immediate support is at $1.2172. A break below this level will expose the currency to further declines, while $1.0698 is the last line of defense to break the psychological barrier of $1.

If the price breaks below $1, the bulls will need to defend the $0.8313 pivot level to avoid a drop into a bearish zone. Despite these possible risks, the price action remains bullish for now.