The recent price surge of POPCAT has caught the attention of many traders and investors, with the altcoin gaining 37% in the last 24 hours. This upward movement is part of a larger bullish trend that has seen the coin return 41% to investors who purchased it over the past month. The bullish sentiment is further supported by a favorable technical setup and high whale interest in the market, with major players like Bybit, Binance, and Hyperliquid backing the coin.
One key factor that could drive POPCAT’s price even higher is a potential breakout from a descending price channel that has formed on the chart. If the coin manages to breach the resistance level, it could see a significant price increase of up to 370%, reaching $0.9822. However, such a rally is likely to be accompanied by price retracements along the way, and sustained bullish market sentiment will be crucial for the coin to reach its full potential.
Whales in the market are also signaling a major price rally for POPCAT, with a dominant buying volume and a long-to-short ratio of 1.0513 indicating a bullish phase. Analysis of Open Interest in the derivatives market shows that whales from Bybit, Binance, and Hyperliquid hold a significant portion of unsettled contracts, totaling $80.7 million out of $127.89 million. This strong bullish sentiment has led to significant losses for short traders, as evidenced by market liquidations totaling $1.24 million in the last 24 hours.
However, the bullish outlook for POPCAT may face challenges from spot traders who are engaged in profit-taking activities. Data shows notable selling activity among spot traders, with approximately $850,000 worth of the coin being moved from private wallets to exchanges for sale. This trend suggests that long-term traders are securing profits, which could slow down the coin’s potential rally and impede its breach of the upper resistance level on the chart. As the market dynamics continue to evolve, it will be interesting to see how these different factors play out in determining the future price movement of POPCAT.
