Solana Memecoin POPCAT Hits New All-Time High of $1.75
The Solana (SOL) memecoin ecosystem is gaining investor interest as Bitcoin (BTC) approaches its previous record high of $73,700. This trend is evident in the performance of Popcat (POPCAT), a leading token in the Solana memecoin space that has shown notable gains recently.
Wintermute Fuels The POPCAT Bullish Trend
POPCAT surged 21% over the past week, reaching a new all-time high of $1.75 on Tuesday, with a further 13% increase in just 24 hours. The bullish trend is driven by increased buying pressure from market-making firm Wintermute, which has facilitated many transactions for the token.
After reaching its peak, POPCAT retraced to around $1.70 due to profit-taking by investors. Nansen's data indicates a pattern of transfers to decentralized exchanges (DEXs) for selling, a common behavior following a price surge.
Bybit has been transferring POPCAT tokens to the US-based exchange Kraken, yet retains approximately 63,602 POPCAT coins, valued at about $109 million. To sustain upward momentum, it is essential for POPCAT bulls to maintain key support levels, particularly above $1.70.
Key Levels To Watch
Despite enthusiasm for POPCAT, significant support levels are below current trading prices, posing a risk of retracement. The first support is at the $1.55 zone; losing this level may lead to a pullback to $1.48 and potentially $1.37, threatening recent gains.
The sustainability of the buying pressure against current profit-taking will determine POPCAT's trajectory. A consolidation above $1.70 within the next 72 hours could result in a strong bullish weekly close.
Featured image from DALL-E, chart from TradingView.com