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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Solana Memecoin Market Thrives: POPCAT Reaches New Record Price Of $1.75

Ronaldo Marquez
Ronaldo Marquez
10 months ago
3 mins read
POPCAT

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The Solana (SOL) memecoin ecosystem is regaining traction with investors as Bitcoin (BTC) leads the overall market recovery, approaching its previous record high of $73,700 set in March. This renewed interest is reflected in the performance of Popcat (POPCAT), one of the outstanding and best-performing tokens in the Solana memecoin space over the past month.

Wintermute Fuels The POPCAT Bullish Trend

POPCAT has emerged as a significant winner in the Solana chain in the past week, experiencing a 21% surge. Following a continued uptrend, the token recorded a 13% increase in just 24 hours, reaching a new all-time high of $1.75 on Tuesday. 

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According to data from Nansen, the driving force behind this bullish trend has been a notable increase in buying pressure, largely attributed to market-making trading firm Wintermute, which has played a pivotal role in facilitating buying transactions within the digital asset.

POPCAT
Wintermute’s POPCAT buying pressure. Source: Nansen

However, shortly after hitting its record peak, POPCAT retraced to approximately $1.70, attributed to increased profit-taking by investors, as many sought to capitalize on the recent gains. 

Nansen’s data indicates a pattern of transfers to decentralized exchanges (DEXs) for selling purposes, signaling a typical market behavior following a significant price surge and the achievement of a new record price.

One of the key players in these transactions is the crypto exchange Bybit, which has been transferring POPCAT tokens in batches to the US-based exchange Kraken over the past few days. Despite these transfers, Bybit still retains around 63,602 POPCAT coins, valued at approximately $109 million. 

To avoid a sharp correction and maintain the upward momentum, it will be crucial for the POPCAT bulls to hold key support levels in the coming days, and in particular, to hold and consolidate above the $1.70 level.

Key Levels To Watch

Despite the enthusiasm surrounding the POPCAT token, the most significant support levels are well below current trading prices, which could lead to significant retracement.

Looking at the POPCAT/USDT daily chart, the first support is located at the $1.55 zone, which, if lost, could lead to a further pullback down to the $1.48 support. This could jeopardize most of the token’s gains over the last week, as the loss of these levels could lead to a retest of its next support at $1.37.

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However, it remains to be seen whether the buying pressure seen over the past week can overcome the current profit-taking activity by investors in the token, as a consolidation above $1.70 in the next 72 hours can lead to a significant bullish weekly close.   

POPCAT
The daily chart shows that POPCAT’s price is trending upwards. Source: POPCATUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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