An 18% increase in Popcat within 24 hours: Will its price reach $2 in 2024?
POPCAT shows bullish potential, targeting $2 with strong market support.
At the time of publication, Popcat led the top 100 cryptocurrencies with an 18% increase over the past 24 hours.
- Open interest, funding rates, and large liquidations are all positive.
Despite skepticism around Solana [SOL] meme coins being seen as short-term projects, they continue gaining momentum. Solana’s creators have proven doubters wrong, with Bonk leading the charge and aiming to launch Bonk ETP, potentially paving the way for a future ETF.
Following this trend, Popcat [POPCAT] is also making its mark. According to CoinMarketCap, POPCAT, launched during a bull market in March 2024, is now approaching the $1 price level, having risen over 18% at the time of publication.
Its 24-hour trading volume surged by more than 128%, placing POPCAT at the top of CoinGecko’s charts, surpassing top 100 market cap cryptocurrencies, including AI coins like Bittensor (TAO), Arweave (AR), and NEAR Protocol.
Source: CoinGecko
With the rising price and significant volume of POPCAT, the question arises: How high can it go in 2024?
Popcat shows momentum
POPCAT is displaying strong upward momentum, with its price steadily increasing since September 8.
On the daily chart, it has consistently shown green candles for all but three days, indicating a two-week bullish trend. The market drop on August 5 seems to have reached a bottom, as the price has not returned to that level.
The current movement of POPCAT suggests potential progress above the $1 price level, which could lead to further gains. If market conditions remain favorable, the price could reach $2 by the end of the year, offering over 100% profit.
Source: TradingView
However, there is a possibility that POPCAT may encounter resistance and stall at the $1 level before moving higher. It could also experience a temporary pullback near the Fibonacci level of 0.61 before continuing its upward trend.
If the price drops below the recent lows, it may signal a potential reversal, necessitating further analysis.
Currently, POPCAT continues to show strength, and traders are awaiting a decisive breakout higher.
Funding rates and liquidations weighted by open interest
Funding rates and liquidity weighted by open interest support the bullish sentiment for POPCAT.
Analysis from Velo indicates that futures market metrics, including funding rates, open interest, and liquidity, reflect strong market confidence in POPCAT.
Open interest has reached a new high, retesting previous peaks, while funding rates remain in positive territory, reinforcing the bullish outlook for the cat token.
Source: Velo on TradingView
Additionally, the low number of liquidations indicates that few traders are betting against the token, making the move toward the $2 price level a strong possibility.
With these trends, POPCAT shows potential for continuous growth in 2024, and if current conditions hold, traders could see significant returns from this Solana-based memecoin.
