Hi Guys,
It's Big & Big #alert About $SOL POPCAT Rally !!!
Solana’s POPCAT Rally Aims for $1.34 as Whale Secures $1.21M in Gains
With the 129% recovery rally continuing to gain momentum, will the Solana token POPCAT hit the $1 mark?
As the Bitcoin price surpasses the $62,000 milestone, meme coins are jumping back into action. With a rounding bottom reversal in the daily chart, POPCAT is making a comeback as the broader market recovers.
Siphoning momentum from the broader market bull run, the POPCAT token surged 19.21% yesterday. Currently, it shows an intraday gain of 3.08% from the opening price of $0.8439.
At press time, POPCAT trades at $0.86661, asserting dominance over the $0.85 psychological mark.
Will POPCAT Hit $1?
Based on the Fibonacci levels, the recovery began at $0.3778 on August 6.
The meme coin has now surpassed the 78.60% Fibonacci level, experiencing a remarkable 129% increase over the past 44 days.
Over the past 44 days, the meme coin has formed a series of higher lows and is approaching the previous swing high of $0.97. The daily chart indicates a potential rounding bottom reversal, with the neckline near this swing high.
As the bullish trend approaches the neckline, a breakout could propel the price to the 1.618 Fibonacci level at $1.34031, representing a 55% increase from the current market price—an impressive bullish target.
However, breaking through the supply zone at $0.97 is crucial. A broader market slowdown, combined with the POPCAT challenging this neckline, could trigger a bearish reversal.
In such a scenario, critical support levels are located at the 78.60% and 61.80% Fibonacci levels, at $0.8453 and $0.7454, respectively.
A bullish bounce from either of these levels could signal the formation of a cup and handle pattern with the same neckline.
The MACD momentum indicator shows a positive trend with rising average lines and histograms. Additionally, the 50- and 20-day EMAs remain bullish, further supporting the upward momentum.