Popcat, a prominent meme coin on the Solana network, continued its upward trajectory on Tuesday, hitting its peak since March 3.
The Popcat (POPCAT) token rose to $0.2722, nearly doubling from its lowest value this year. Its market cap has surged to $254 million, positioning it as the sixth-largest meme coin within the Solana ecosystem.
This increase in Popcat’s value has aligned with the ongoing recovery of other meme coins. Notable Solana meme tokens, such as Fartcoin (FARTCOIN), Dogwifhat (WIF), Peanut the Squirrel, and Cat in a Dogs World, have all risen by over 20% in the past week.
Third-party data reveals that the quantity of POPCAT tokens stored on exchanges has diminished over the last week. Currently, there are 237.85 million tokens available on exchanges, representing a decrease of nearly 10%. The overall supply held on exchanges has decreased to 24.24%.
A reduction in the number of tokens on exchanges is often viewed as a positive indicator, suggesting that investors are transferring their assets into self-custody.
On-chain information from Nansen highlights strong confidence among high-profit holders. The most successful Popcat trader in the past week has earned close to $2 million while retaining 99% of their tokens. Another leading trader, who has realized $121,000 in gains, is also holding 99% of their assets.
Technical Analysis of Popcat’s Price
The daily chart illustrates that Popcat has been in a protracted downtrend since peaking at $2.07 in November, hitting a low of $0.1590 earlier this month. It is now forming a double-bottom pattern, suggesting a classic bullish reversal.
Indicators such as the Relative Strength Index and the Percentage Price Oscillator are showing upward movement, signaling that a bullish divergence may be developing. If this momentum persists, Popcat might aim for the psychological resistance at $0.50, approximately 100% above its current price. However, failing to maintain recent gains could indicate more downside potential.