Popcat (POPCAT) Poised for a Massive Upside Rally as Its Open Interest Skyrockets by 40%

POPCAT's Long/Short ratio currently stands at 1.025, indicating bullish market sentiment. POPCAT could break out of this consolidation and experience a massive upside rally in the coming days.

Solana-based meme coin Popcat (POPCAT) is displaying bullish momentum on price charts with a potential breakout in sight.

Key Takeaways

POPCAT price surged by 17% on Wednesday morning.

The meme coin consolidated near the resistance level of $1.05 for ten days.

After breaking out of the consolidation, POPCAT could experience a massive upside rally.

Solana-based meme coin Popcat (POPCAT) continued its bullish rally on Wednesday morning with a price surge of 17%, displaying potential for a breakout.

POPCAT price surged to a new all-time high of $1.10 after breaking out of the consolidation zone. However, the trading volume dropped by 19% during the same period.

After rising to a new all-time high, the meme coin experienced a slight correction and dropped to $1.08 at the time of writing.

Despite the impressive price surge, traders and investors should proceed with caution and be aware of the potential risks involved in trading highly volatile meme coins.

Solana-based Meme Coin Poised for Breakout

After breaking out of the consolidation zone, meme coin Popcat (POPCAT) could experience a massive upside rally.

Technical analysis by expert traders shows that POPCAT appears bullish and is on the verge of a mega breakout.

For the straight ten days, the meme coin has been consolidating near the resistance level of $1.05. With the recent price surge, it seems that POPCAT could break out of this consolidation and experience a massive upside rally in the coming days.

Whenever the consolidation zone breaks near the resistance level, the asset tends to soar significantly. This bullish thesis will only hold if POPCAT closes its daily candle above the consolidation zone, otherwise, it may fail.

Solana (SOL) Price Analysis

On the other hand, Solana (SOL) price dropped by 4% on Wednesday morning and slipped below the crucial support level of $26.

SOL price faced strong resistance at $26.5 for several days and failed to break out of the consolidation range.

After failing to break out of the consolidation zone, SOL price dropped sharply and reached a new daily low of $25.9.

However, the meme coin recovered slightly and was trading at $26.04 at the last check.

Solana (SOL) price experienced a strong rally in January 2023 and surged by over 160% from its December lows.

However, the meme coin faced resistance at the $27 price level and failed to break out of the consolidation zone.

After failing to break out of the consolidation zone, SOL price dropped sharply and slipped below the crucial support level of $26.

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