The CoinGlass data shows that the POPCAT open interest has surged by 13%, reaching its all-time high of $106 million showing strong trader interest for the Solana meme coin.
Solana-based meme coin POPCAT POPCAT $0.14 24h volatility: 0.3% Market cap: $136.46 M Vol. 24h: $61.91 M has recently witnessed a strong price surge of more than 10% thereby hitting an important milestone of $1 billion market cap. Earlier today, the POPCAT price surged to its all-time high of $1.07 levels recording a staggering 50% rally on the weekly chart. On the other hand, the daily trading volume of POPCAT has also surged by 64.5% moving all the way past $151 million.
This strong rally has led to renewed whale interest in the Solana meme coin. As per the data from LookonChain, a notable crypto whale, who previously incurred a loss of $611,000 (approximately 45%) on the POPCAT token, has made a significant investment in the asset.
Over the past two days, the investor spent 8,644 SOL SOL $110.8 24h volatility: 7.8% Market cap: $57.15 B Vol. 24h: $7.85 B , valued at around $1.29 million, to acquire 1.3 million POPCAT tokens at a price of $1 each. This shows that POPCAT meme coins continue to be on the radar of big investors.
A whale who lost $611K(-45%) on $POPCAT before spent 8,644 $SOL($1.29M) to buy 1.3M $POPCAT at $1 again in the past 2 days.
Can he make money on $POPCAT this time?https://t.co/xmXhubPcWP pic.twitter.com/mgDzu7gGYZ
— Lookonchain (@lookonchain) September 25, 2024
Furthermore, the CoinGlass data shows that the POPCAT open interest has surged by 13%, reaching its all-time high of $106 million. This typically highlights the surge in the trader’s interest willing to engage with the Solana meme coin. Moreover, the weighted funding rate has surged to an all-time high of 0.0200%, further bolstering the coin’s upward momentum.
POPCAT Price Technical Chart
On the technical chart, the POPCAT price is showing strength and is trading close to the upper Bollinger Band, currently sitting at $1.0704. This suggests that the asset is nearing an overbought zone, while also reinforcing the robust bullish momentum in the short term.
Additionally, the Commodity Channel Index has surged to 143.81 after the recent rally, significantly exceeding the overbought threshold of 100. Such high readings often indicate the possibility of an upcoming correction, prompting traders to exercise caution.
If the POPCAT price continues this momentum and rallies past the resistance of $1.070, it could rally further all the way to $1.2 as the next psychological target.
Conversely, a failure to uphold the current support levels may lead to additional declines, with the middle Bollinger Band at approximately $0.7482 acting as the initial support zone.
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