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POPCAT may soar 25% to reach the $1.10 mark in the near future.
The outflow of 1.7 million US dollars from the exchange indicates an increase in buying pressure for POPCAT.
If the price reaches $0.908, the short position of nearly $5.52 million may be liquidated, further pushing the upward momentum.
The popular Solana-based meme coin Popcat (POPCAT) is expected to gain significant upward momentum as a bullish price action pattern has formed within the daily time frame. Since the beginning of the new year, the entire cryptocurrency market seems to be recovering, including Bitcoin (BTC), Ethereum (ETH), and XRP.
In this potential market rebound, POPCAT has surged more than 10% in the past 24 hours, with the current trading price close to $0.84. This significant price surge has contributed to the bullish setup for meme coins.
POPCAT technical analysis and upcoming levels
According to expert technical analysis, POPCAT recently broke through the long-term consolidation zone and closed above this level, confirming a successful breakthrough.
Based on the recent price trend, after this breakthrough, the meme coin is likely to soar 25% to $1.10 in the near future.
Bullish on-chain indicators
In the past 24 hours, this breakthrough has attracted great attention from traders and investors, leading to a 25% increase in trading volume and an 18% increase in POPCAT's open interest contracts. According to on-chain analysis firm Coinglass, this highlights the growing interest of traders and investors in seeking to take advantage of the breakout.