- POPCAT has seen a double-digit price hike in the past 24 hours.
- This has been due to the surge in its discussion rate during that period.
Solana [SOL]-based meme coin Popcat [POPCAT] leads the cryptocurrency market as the asset with the most social activity in the past 24 hours, causing its price to gain by double digits during that period.
In a post on X (formerly Twitter), on-chain data provider Santiment noted that the surge in the meme coin’s discussion rate has been due to a brief rebound in Bitcoin’s [BTC] value above $67,000 during the intraday trading session on the 22nd of April.
🗣️🥳 #Altcoin markets are riding high as #Bitcoin‘s rebound back above $67K has allowed profits to resume redistributing into more speculative #cryptocurrency assets. According to @santimentfeed‘s dashboard, the tokens receiving the highest increase in discussion are:
— Santiment (@santimentfeed) April 23, 2024
At press time, POPCAT traded at $0.36, recording a 25% price hike in the last 24 hours, according to CoinMarketCap. Within the same period, its daily trading volume increased by 99%.
In the last week, the meme coin’s value has grown by over 200%.
Rally may continue in the short term
According to Santiment, POPCAT remains at “a higher risk of a correction until FOMO dies down.”
However, an assessment of some key technical indicators revealed that the meme coin’s price may extend its gains in the short term.
First, its key momentum indicators observed on a 24-hour chart showed a steady increase in demand for the meme coin.
As of this writing, the values of its Relative Strength Index (RSI) and Money Flow Index (MFI) were 63.53 and 67.67, respectively.
These values showed that POPCAT’s buying pressure outpaced selling momentum among market participants.
Similarly, the meme coin’s Chaikin Money Flow (CMF)—which measures the flow of money into and out of the asset—trended upward. As of this writing, POPCAT’s CMF was 0.31.
A CMF value above zero is a sign of market strength, as it indicates that the market is being supplied with the liquidity necessary to sustain a price rally.
Confirming the current bullish trend, POPCAT’s Elder-Ray Index returned a positive value at press time.
The indicator measures the relationship between the strength of the altcoin’s buyers and sellers in the market. When it is positive, it means that bull power is dominant in the market.
At the time of press, SOL’s Elder-Ray Index was 0.29. The indicator has returned only positive values since the 21st of April.
Read Solana’s [SOL] Price Prediction 2024-25
Likewise, POPCAT’s MACD (blue) line initiated an uptrend and crossed above its signal (orange) and zero lines on the 21st of April, signaling the commencement of a new bull cycle.
Source: POPCAT/USDT on TradingView
When a crossover like this occurs, it is viewed as a strong bullish signal. It means that the asset is not only experiencing a surge in bullish momentum but is also transitioning into positive territory.