The Solana memecoin landscape has seen POPCAT surpass BONK to claim the second position by market capitalization. Crypto analyst CryptoCurb shared on X that POPCAT now trails only behind WIF in the Solana memecoin rankings.
The token’s price surge comes amid bullish technical analysis from trader Bluntz, who points to potential parabolic moves ahead. POPCAT’s ascent in the Solana ecosystem marks a shift in the memecoin hierarchy.
The token has had substantial gains over the last day and week. These gains have pushed POPCAT past BONK, establishing it as the second-largest memecoin on Solana by market cap.
CryptoCurb’s market update on X emphasizes the changing dynamics among Solana’s top memecoins. The trader notes the evolving competition between WIF, POPCAT, and BONK as the year progresses, highlighting the fluid nature of memecoin rankings.
What you'll learn 👉
Technical Analysis Breakdown
Bluntz’s analysis of POPCAT’s chart shows an Elliott Wave pattern that hints at a possible upward trend. The chart displays a series of 1-2 waves, a structure often associated with bullish momentum.
According to Elliott Wave Theory, these nested waves suggest that the asset is primed for a strong wave 3 rally, which could lead to a parabolic rise.
The analysis also pointed out a previous bullish wedge (A-B-C), which has already seen a breakout, reinforcing the upward trend. Key support levels for POPCAT are currently around $1.30-$1.35, with the token rebounding from these zones after minor dips.
The immediate resistance is at $1.50-$1.55. After breaching this level, the memecoin has climbed to $1.56, marking a 12.09% increase in the past day, and a weekly gain of 24.66% according to CoinGecko at press time.
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Market Strength During Pullbacks
The resilience of POPCAT during broader market pullbacks has been notable. Bluntz emphasized in his tweet that strength during these periods often translates into outperformance during market rallies.
Volume analysis further supports this sentiment, as there have been visible spikes during upward price movements. This increase in buying activity hints at solid demand, which could fuel sustained price growth.
The Relative Strength Index (RSI) indicator currently reads around 60, suggesting that POPCAT has room to grow before hitting overbought levels. This bullish signal aligns with the projected path outlined by Bluntz, which foresees the asset potentially breaking past $1.70-$1.80, with extensions pushing it toward $2.00 if the trend continues.
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