Popcat, a prominent meme coin on the Solana network, has made a robust recovery as investors took advantage of lower prices and exchange supplies dwindled.
Popcat (POPCAT) saw an uptick for four straight days, peaking at $0.25, marking its highest value since March 25. It has surged nearly 100% from its lowest point this month.
This increase coincided with crypto enthusiasts purchasing the dip in notable Solana meme coins like Fartcoin (FARTCOIN), Goatseus Maximus, Fartboy, and Vine.
According to data, a growing number of investors are transferring their Popcat tokens from exchanges to self-custody wallets. Exchange balances have fallen by approximately 10% over the past week, now standing at 239.5 million, down from 262 million the same day last week. The majority of these exits originated from platforms like Bybit, Raydium, and Coinbase.
The weekly supply of Popcat tokens available on exchanges has decreased by 2.3%, now at 24%. This decline in exchange reserves is a positive indicator, signaling that more investors are adopting a long-term perspective with their holdings and are not offloading their tokens.
Furthermore, recent data reveals that the most successful Popcat traders in the last week are holding onto their investments. The top trader has realized a profit of $173,000 while retaining 97% of their position. The accompanying chart illustrates that many of these traders still maintain their tokens.
Popcat Price Analysis
The daily chart indicates that Popcat’s price has rebounded in recent days. This recovery followed the formation of a falling wedge pattern, highlighted in blue, consisting of two descending and converging trendlines.
The Popcat token has moved slightly above the 50-day moving average, while the Relative Strength Index and other oscillators suggest upward momentum.
Consequently, the coin is likely to continue its upward trajectory as buyers aim for the 23.6% retracement level at $0.5982, representing a 142% increase from the current price.