Popcat, a Solana-based meme coin, has seen an impressive price rally to a new all-time high despite overall volatile market sentiment.
This sharp rise continues a multi-day trend, with the asset experiencing significant upward momentum since October 4. On that day, Popcat (POPCAT) rose by 21.8%. Interestingly, another 15.17% surge occurred on October 6, driving the continued bullish momentum.
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POPCAT has gained 19% in the past 24 hours, trading at $1.45 as of this writing. Its price has also risen 53% in the last week, surging its market cap to $1.4 billion. The 24-hour trading volume surged to $155.8 million, confirming the growing interest.
The asset’s surge has taken it to a new all-time high of $1.48 this morning, surpassing the previous peak of $1.07 set last month. Despite a slight pullback from $1.48, POPCAT remains in the price discovery phase. Currently, the surge has taken it above the upper Bollinger Band at $1.338, indicating overbought conditions.
This often means that prices may be about to pull back as market participants look to take profits. However, in a strong bullish trend, prices may remain overbought for a long time, allowing for further gains.
The Commodity Channel Index, currently at 267.67, supports this view. This CCI reading suggests that if the trend weakens, buying pressure will be very strong and a reversal is likely.
Nonetheless, if buying momentum continues, the momentum could push POPCAT into higher territory before any meaningful pullback.
In the event of a pullback, the immediate support is at $1.2172. A break below this level will expose the currency to further declines, while $1.0698 is the last line of defense to break through the psychological barrier of $1.
If the price breaks below $1, the bulls will need to defend the $0.8313 pivot level to avoid a drop into a bearish zone. Despite these possible risks, the price action remains bullish for now.
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