Popcat (SOL) Price Consolidates After Hitting All-Time High, But High Trading Volume Hints at Profit-Taking Opportunities

The price of the popular meme coin Popcat (SOL) has been consolidating within a rangebound pattern for the last few days.

The price of Popcat (SOL) has been consolidating within a rangebound pattern for the last few days, following the token hitting an all-time high of $1.08 on September 26.

However, upon reaching this rarity, the cryptocurrency’s value has been nothing short of a roller coaster ride as it exhibited heightened volatility.

According to CoinMarketCap’s data, POPCAT commenced the week with an opening value of $0.9667 before surging to its all-time high around the $1.08 level.

Still, the token witnessed a bearish price action, pulling it to a weekly low of $0.9128, and has since then rebounded and settled above the $0.95 support level.

As of press time, the value of one POPCAT token trades at $0.9801, reflecting a 4.61% increase compared to its previous day’s price.

Interestingly, the cryptocurrency’s trading volume paints a more optimistic picture. In just 24 hours alone, it has spiked by 47.26% to the $211,085,489 threshold.

This high trading activity can be attributed to the profit-taking opportunities presented by the token’s price fluctuations.

Meanwhile, Popcat’s (SOL) intraday market cap currently sits at $960,513,678, cementing its position as the 69th largest cryptocurrency in market rankings.

Technical Indicators Hints at Consolidation

From a technical standpoint, the Popcat (SOL) token is currently in a consolidation phase.

For instance, the relative strength index presently sits around the neutral 50 level, indicating a balance between buying and selling pressure.

However, positioned at 52.08 and pointing in the upward direction, the RSI implies a bullish breakout is imminent in the short term. A crossover with the signal line at 53.34 would further confirm the validity of this move.

In the same vein, the directional movement indicator reveals its DI, at 16.2005, is lower than the -DI, which sits at 19.1453. This reading suggests that the bears are still in control of the short-term price action.

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