Memecoins are an interesting facet of the crypto market. Popcat, a new addition to the long list of memecoins available for investors, has drawn the attention of investors and traders after its price shot up since it was first released on Solana. According to CoinGecko, the token has risen nearly 53% since last week, an incredible achievement for the token.
The rally has been impressive for the meme coin, but the market’s general bearishness cannot be understated. The broader market is down nearly 8% after weeks of continuous bullishness ever since the start of August. The question then is whether Popcat will continue its astonishing rally or follow the consensus of the market.
Robinhood Announces Support For Solana
Yesterday, the highlight went to Solana after news that Robinhood, a trading platform that caters to crypto enthusiasts as well, announced that it now supports the Solana network. Popcat, being part of the Solana network, will benefit from this it opens the meme coin to retail investors outside the typical crypto space.
BREAKING: @RobinhoodApp WALLET ADDS SOLANA NETWORK SUPPORT – “YOU CAN SELF-CUSTODY SOLANA TOKENS AND SEND + RECEIVE OVER THE SOLANA BLOCKCHAIN” pic.twitter.com/DVvJmVbb8Z
— DEGEN NEWS (@DegenerateNews) August 27, 2024
With the hype surrounding the token, it was also listed on Rabbit, a crypto trading platform.
These developments will help Popcat gain more traction despite the market forming a slippery slope as the bears overtake the bulls in the short term. However, investors should be cautious as the bearish consensus in the market might be foresight on what’s to come for Popcat.
📢RabbitX Listing Announcement 📢
By community request, $POPCAT is now available for trading with up to 20x leverage at https://t.co/wbZb9jUboe
Back the Bunny!
🐰💕🙀 pic.twitter.com/PgQcQgFl8z
— RabbitX 🐇 Get 📲 App Now! (@rabbitx_io) August 27, 2024
Rejection At $0.7172 Shows Downward Trajectory
Despite Popcat’s surprising performance in the past seven days, a flip in investor sentiment might have already occurred within the past couple of days. As it currently stands, the token has been rejected on the $0.7172 ceiling, delaying any hope for the coin’s rally to break through $0.7172.
The token has a strong position though. Sitting between $0.62 and $0.71 places it comfortably on a strong rebound platform that opens the opportunity to retest $1 if the market environment favors the bulls. It also sports a high correlation with Bitcoin which, at the very least, will pull the token upward once the bulls retake their dominance in the long term.
However, the short term remains to be bear territory as the bears continue to halt any progress in the meme coin’s upward trajectory. In this case, bears are eyeing a target of $0.41 in the medium term to secure their gains.
On the other hand, the bulls should continue attempting to stabilize the token’s price between $0.62 and $0.71 to prevent the bears from gaining ground in the long term. Investors and traders should also monitor the market’s general movement to prevent further losses.
Featured image from SolanaFloor, chart from TradingView