Popcat (POCAT) Outperforms Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)

It appears that the popular Solana-based meme coin Popcat (POCAT) is outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana

Solana-based meme coin Popcat (POCAT) is outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) on October 23, 2024, as it tops the crypto market with an impressive price surge of over 12%, while BTC, ETH, and SOL struggled to gain momentum.

As per data from CoinGecko, at press time, POCAT is trading at $1.44 and has experienced a price surge of over 13% in the past 24 hours. During the same period, its trading volume jumped by 5%, indicating rising participation from traders and investors compared to the previous day.

The potential reason for this notable upside rally in the meme coin is that investors and traders are continuously betting on the meme token. According to on-chain analytics firm Coinglass, POPCAT’s Long/Short ratio currently stands at 1.03, indicating strong bullish sentiment among traders. Meanwhile, its open interest has jumped by 16.2% in the past 24 hours and has been steadily rising.

This growing open interest suggests traders strongly believe in the meme coin and that they might be placing more bids on long positions compared to short positions. Traders and investors often use the combination of rising open interest and a long/short ratio above 1 when building up long positions.

Moreover, a glance at the POCAT technical analysis by experts reveals that the meme coin has been trading within a boundary of $1.2 and $1.5 for the past two weeks. Looking at the daily chart of meme coins, the price is currently near the upper boundary, which is acting as a strong resistance level.

If POPCAT breaches this level and closes a daily candle above the $1.5 level there is a strong possibility it could reach a new high in the coming days. However, if it fails to breach the resistance level of $1.50, there is a strong possibility it may experience a price decline in the coming days.

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