Popcat (POPCAT) Soars 36%, On The Brink Of $1 and New All-Time Highs
Popcat (POPCAT) Surges 36%, Poised to Break $1 and Set New Records
The memecoin frenzy is back in full force, as Solana-based tokens outshine major cryptocurrencies. This surge follows the recent announcement from the Federal Reserve regarding interest rate cuts. Leading the charge is Popcat (POPCAT), which has skyrocketed 36% in the past 24 hours, bringing it tantalizingly close to its all-time high achieved in July. This dramatic rise showcases the renewed excitement surrounding memecoins amidst shifting economic conditions.
Popcat Records Nearly 100% Gain in a Month
On Wednesday, NewsBTC reported that the Federal Reserve announced its first rate cut in four years, lowering the federal funds rate by 0.50 percentage points. This move signals a significant shift since the COVID-19 pandemic, lowering the target range to 4.75%–5%, down from 5.25%–5.5%. These rates were the highest seen since 2001, and this decision is widely viewed as a bullish signal for the broader market, suggesting potential price increases in the near future, despite expected volatility.
Solana’s Resurgence Fuels Popcat’s Rise
In response to this news, Solana experienced a nearly 10% surge in the last 24 hours, nearing the $150 mark after successfully reclaiming key support levels. This momentum has injected renewed confidence in tokens built on the Solana network, exemplified by Popcat’s exceptional performance.
Currently trading at $0.918, Popcat is just 7% away from its all-time high of $0.993, set two months ago. This recent surge is accompanied by an astounding 236% increase in trading volume, approaching the $200 million mark within just 48 hours, according to CoinGecko data. Over longer periods, Popcat has displayed impressive growth, recording a 44% increase over the past week and a 62% rise over the last two weeks. This translates to a remarkable nearly 100% gain in the past month, especially striking compared to larger cryptocurrencies that have faced losses following significant market downturns on August 5 and September 6.
Key Levels to Watch for the Solana-Based POPCAT
Despite the impressive uptrend, POPCAT encountered challenges in maintaining its momentum earlier today. The token reached a daily high of $0.936 but struggled to consolidate above a critical resistance level at $0.939 on its POPCAT/USDT daily chart. This resistance has emerged as one of the final significant hurdles for Popcat before it can approach its all-time highs achieved in July.
If the token manages to break through this barrier, the next resistance level is $0.971. Failure to surpass both levels could lead to a brief phase of consolidation, which might be necessary for the token to gain the strength required to push further upwards. However, if the current uptrend loses momentum, the inability to break these resistance levels could hinder Popcat’s progress.
On the downside, bullish investors should closely monitor the $0.834 level, as it serves as the nearest support floor for the memecoin. This level could indicate a potential correction if the price falls below it. In such a scenario, the next support level on the daily chart is significantly lower at $0.72. If the price reaches this level, it would represent a considerable decline of approximately 21% from its current trading price of $0.918.
Featured image from DALL-E, chart from TradingView.com