Key Takeaways
Why did Popcat rise today?
Large futures orders lifted POPCAT, flipping Taker CVD bullish and boosting intraday momentum.
What should traders watch next?
A breakout above $0.175 could extend the move toward $0.23.
Popcat [POPCAT] was among the best-performing Solana [SOL] memecoins in the past 24 hours, up 14%, both by gains and sentiments.
It also appeared among the top trending assets on CoinMarketCap.
POPCAT still traded far below its peak above $2. It remained under $1, with recovery prospects dependent on market confirmation.
POPCAT nears breakout
The charts showed that POPCAT dropped below $0.30 in mid-September and continued to trade lower. The decline was extended by the October market crash, pushing the price to levels below $0.10.
While the market traded within the range established by the 10th of October candle, it formed a sideways pattern. The pattern signaled an accumulation period that was confined between $0.134 and $0.175.
Still, there was a breakdown below the support, though it was followed by the ongoing trend.
The price of POPCAT then approached the upper resistance, but it was facing a slight rejection at the time of writing. The momentum indicator, showing continued strength in the negative zone, suggested potential continuation.
Still, the Bull Bear Power (BBP) indicated that bulls were outpacing bears with a reading of 0.0275.
Bulls had been in control for the last six days, during which POPCAT has been trending to the upside.
Source: TradingView
In the meantime, if the $0.175 level rejects further advances, they could be curtailed. Otherwise, breaching $0.175 clearly would put the memecoin on a path toward $0.23 or higher.
On-chain catalysts driving the memecoin
Several on-chain catalysts propelled the day’s 14% surge. The main drivers were the big whale orders from Futures traders, as per CryptoQuant data.
Also, Spot traders were involved, though the size of the volume differed from that of Futures. Their average size was 84 as compared to futures, which were at 200.
All these translated to a bullish taker CVD in the Futures market.
Source: CryptoQuant
Bybit and Robinhood held more than 10% of the supply. The top 10 holders controlled 38.1%, while 61.9% remained distributed among others.
However, the Spot Volume was cooling off, suggesting reduced buying as the price faced resistance.
Key liquidity levels to watch
The Liquidation Heatmap showed liquidity above $0.17, attracting price.
A squeeze through that cluster could trigger another push toward $0.18, similar to the prior $0.158 sweep that drove the move to $0.176.
Source: CoinGlass
Conversely, another cluster rests below $0.15 and could trigger a drop to capitalize on the liquidity there.
POPCAT’s surge stemmed from derivatives-driven capital inflows, while spot traders remained cautious. The memecoin still lacked a confirmed directional shift, leaving the next move dependent on a strong breakout or rejection at $0.175.
