Solana Meme Coin POPCAT Emerges as One of the Worst Performers of the Day

POPCAT, a Solana-based meme coin, recently saw significant volatility, experiencing both sharp surges and a notable 11% dip over the last 24 hours. This fluctuation follows a month of rapid price movement, including a new all-time high. 

However, the changing market conditions seem to be weighing heavily on the coin’s future prospects.

POPCAT Notes Losses

The overall market momentum of POPCAT shows a developing bearish trend. Key technical indicators, particularly the Relative Strength Index (RSI), are signaling a potential downturn. Over the past two months, the RSI has been steadily declining, indicating that selling pressure is growing stronger. If the RSI crosses below the neutral level of 50.0, it will confirm that the bearish momentum has gained significant traction.

Additionally, with the broader cryptocurrency market still facing a period of uncertainty, POPCAT’s price could be influenced by factors outside its immediate technical indicators. External market conditions, including regulatory news or shifts in investor sentiment towards meme coins, could further impact its trajectory.

POPCAT RSI. Source:  TradingView

Despite the recent downturn, traders remain relatively optimistic about POPCAT’s future. The meme coin has continued to draw attention from retail investors, as evidenced by the positive funding rate. This suggests that many traders are betting on a continued uptrend. High funding rates typically reflect strong buying interest, which could help POPCAT maintain upward momentum. 

However, the market sentiment is not entirely risk-free. Although optimism is strong among some traders, the broader sentiment is somewhat mixed, with caution in the air. Any signs of market cooling could lead to swift corrections in POPCAT’s price.

POPCAT Funding Rate. Source: Coinglass

POPCAT Price Prediction: Maintaining Support

POPCAT price recently saw an 11.4% decline in the last 24 hours, making it one of the biggest losers in the market. Despite failing to secure $1.49 as support, the altcoin remains above $1.21. This price action is crucial as it holds the potential to support a future uptrend for the Solana meme coin.

For nearly two months, POPCAT has maintained support above $1.21. This stability could pave the way for a successful attempt to breach $1.49. If the altcoin manages to surpass this resistance, a price surge towards $1.74 is likely, signaling a potential bullish breakout in the coming days.

POPCAT Price Analysis. Source:  TradingView

However, a failure to hold the $1.21 support would spell trouble for POPCAT. If the price drops below this level, it could fall towards the next support at $1.00. Such a drop would undermine the current bullish outlook and suggest further consolidation or downside movement.