- In the past few days, online remarks regarding POPCAT, a meme coin on Solana, have gotten more positive.
- Popcat’s Funding Rate is rising right now, which suggests that traders are getting ready for a significant price increase.
- Market players appear to be buying the dip, according to the data, which implies that the price may retest $1 or hit $0.84.
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Memes like Popcat (POPCAT), a cat-themed cryptocurrency on the Solana blockchain, have become quite popular lately. This is mostly due to the startling 8,000% rise it experienced this year.
But the token’s price has decreased by 25.28% since hitting an all-time high of $0.99 a few days ago. Bearish sentiment increased as a result of the downturn, but it has since corrected.
Popcat Traders Show Strong Crypto Confidence
The Weighted Sentiment was negative on July 24, according the on-chain analytics platform Santiment. However, as of the time of publication, the acumen has moved to the positive side and is no longer in that area.
Weighted Sentiment measures internet feedback on a project. A negative rating indicates that there are more negative than positive remarks.
Consequently, the current increase indicates that there may be a forthcoming increase in demand for POPCAT, which will have a beneficial impact on price.
If it continues, the meme coin’s value might start to offset some of its losses. Moreover, the Funding Rate offers a more detailed perspective of the actions that traders are doing in the wake of the recent decline.
An indicator of investor expectations is the funding rate. In the event that it is positive, the perpetual price is being traded above the current price. The general expectation among traders is optimistic in this case.
The average expectation is negative when financing is negative, though, since the perp price trades at a discount to the index value.
If this occurs, traders will benefit from their position as long as aggressive spot market buyers continue to exist.
POPCAT, which is currently trading for $0.75, has emerged as one of the most popular Solana meme coins. As was already indicated, this represents a decrease from July 21’s peak. But market traders are taking advantage of the dip and purchasing more meme coin, according to DEX tracker GeckoTerminal.
If there is still a lot of buying interest in cryptocurrencies, the price can rise. Additionally, on July 24, analyst Altcoin Sherpa, who goes by alias, expressed his opinions about the meme coin.
He asserts that POPCAT may print toward higher values as a result of the popular narrative around tokens with cat themes.
The Moving Average Convergence Divergence (MACD) on the daily chart is still positive, indicating a bullish momentum. As a result, there is a greater likelihood of a price hike. If this trend continues, POPCAT’s price can go back to $0.84 and even $1.
This forecast will be wrong, though, if cryptocurrency owners keep booking gains from the most recent increase. Should this occur, the cost might decrease to $0.70.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
