Solana’s Popcat Soars Over 22,000% in 2024: Analyst Remains Bullish Despite Risks

• POPCAT is the next Solana memecoin sensation that seeks to build on a 22,000% surge.
• The memecoin is gaining intense social attention which may keep fueling growth rallies.

Popcat (POPCAT), one of Solana’s hottest memecoin has experienced over 22,000 surges this year, demonstrating resilience despite market volatility. Analyzing the memecoin’s recent pattern, pseudonymous crypto analyst and trader, Altcoin Sherpa expressed bullishness for POPCAT, despite raising concerns.

The Analyst Mixed Sentiments on POPCAT

In a post on X, Altcoin Sherpa, stated,” Still bullish for now and still think cat memes will do pretty well and play catch up.” The analyst, however, highlighted factors that could cause a potential sell-off for POPCAT. 

$POPCAT: I think looks decent still but would be concerned if this prints a lower high/shoulder. If this happens and popcat sells off, all cat beta is going to die. Still bullish for now and still think cat memes will do pretty well and play catch up. But lets see pic.twitter.com/pEdFb7G8ja

— Altcoin Sherpa (@AltcoinSherpa) July 24, 2024

According to Sherpa, POPCAT may see declining prices if a head and shoulders pattern forms on the four-hour chart. “If this happens and POPCAT sells off, all cat beta is going to die,” Sherpa noted. 

Crypto traders used the head and shoulders pattern as a technical indicator to identify price reversals. Essentially, the metric indicates a reversal of an upward trend. Three peaks make up a bearish head and shoulders, with the middle peak being higher than the other two.

Traders are usually advised to wait for the head and shoulders pattern to completely form before commencing trading. This is because a partially developed pattern may not be complete in the future.

Nevertheless, POPCAT’s current price chart looks promising, with a yearly gain of 22,000. According to our recent analysis, POPCAT reached a key milestone, hitting the $1 mark. Although the memecoin has shed a few zeros, it is still very bullish.

At press time, the price of POPCAT experienced a 7% surge in the past day, setting its price at $0.8768.

POPCAT is seeing heightened discussions and focus among traders, as revealed by an increase in the social dominance chart. Typically, a surge in social interest correlates with FOMO, driving more traders to buy as they anticipate further price increases.

The rising interest in POPCAT is quite notable as it follows after a dip in the broader Solana memecoin ecosystem. As noted in our earlier post, POPCAT declined by 4% recently, while Dogwifhat (WIF) and BONK lost 3% of their values.

Expectations of Further Rally in Solana

Solana (SOL) is currently riding in the waves of the broader crypto market rally. Despite recording a short-term setback following Biden’s exit from the presidential election race, Some crypto analysts predict a $500 for Solana.

One major factor driving Solana’s bullish forecast is the anticipation of a potential spot Exchange-Traded Fund (ETF). Recall that Investment manager VanEck filed in June, to list the first Solana ETF in the US. Now that a spot ETF has been launched for Ethereum, some analyst claims it opens the way for other crypto ETFs to go live.

As of this writing, SOL is trading at $180, demonstrating a 24-hour increase of 6%. The trading volume and market cap are standing at $3.4 billion and $83.4 billion respectively.