POP CAT, a Solana meme coin project, has attracted the attention of mainstream investors with a remarkable 117% price increase in the last two weeks. Market intelligence platform Santiment noted the outstanding performance of this Solana-based meme coin but warned that such rallies can often be followed by a correction.
Could POP be a big fix for CAT?
Recently, interest in meme coins has been increasing again. Solana-based POP CAT traded at $0.3519 earlier this month, but surged past the $1 threshold over the weekend. It is up 360% since last month's low of $0.2173. Santiment noted that such sudden increases in interest and value often trigger corrections. While this has caught the attention of traders during the current volatility, it suggests that better entry points may emerge following the correction.
POP CAT's social dominance chart shows a sharp increase, confirming the increased discussions and focus among traders. This type of increased social attention is often associated with FOMO (Fear of Missing Out), leading more investors to buy in anticipation of large price increases. Santiment emphasized that sudden increases in social dominance often lead to corrections with the asset entering the overbought zone. POP CAT's trading volume increased significantly, especially in late February, mid-April and early July 2024. These high trading activities are paired with large price movements, such as the last increase in early July.
The correlation between volume increases and price increases indicates strong buying interest, which determines the market trend. However, increased volume often comes with higher volatility and can potentially signal price declines.
According to technical indicators, critical information emerges when POP CAT's daily chart is examined. While Bollinger Bands show high volatility, a price approaching the upper band can signal overbought. The 20-day simple moving average (SMA) reflects strong upward momentum as long as the price remains above it. Additionally, the Relative Strength Index (RSI), currently at 66.75, shows strong momentum but does not point to overbought territory, indicating the possibility of further upside and signaling that a correction is possible.
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