Can POPCAT Rebound After 20% Price Plunge?

After experiencing a significant price surge last week, Popcat (POPCAT) price, a Solana-based meme coin, has begun to show signs of a market correction. This downturn suggests a bearish trend in the short term. However, despite the recent fluctuations, the overall sentiment surrounding this Solana-based crypto, POPCAT price, remains bullish. 

Popcat Price Dips After Whale Sells, But Bulls Remain Undeterred

Lookonchain, a blockchain analytics platform, shared an X post revealing a recent move by a smart whale investor. Over the past 20 hours, the whale sold 2.66 million tokens for $3.61 million at a price of $1.36. This sale left the investor with 3.45 million POPCAT tokens valued at $4.48 million, resulting in a substantial profit of nearly $3.96 million.

This smart whale sold $POPCAT for profit and bought $GIGA!

He sold 2.66M $POPCAT($3.61M) at $1.36 in the past 20 hours, leaving 3.45M $POPCAT($4.48M), with a profit of ~$3.96M!

Then spent 1.45M $USDC to buy 30.22M $GIGA at $0.048.https://t.co/C0iUUqYMFM pic.twitter.com/jdeUf8bOg7

— Lookonchain (@lookonchain) October 8, 2024

The whale then shifted their strategy by purchasing 30.22 million GIGA tokens using 1.45 million USDC at $0.048 per token. Such moves are common among large investors looking to capitalize on profits and reinvest in other promising projects.

Despite significant whale selling, the cryptocurrency surged 10% over the past week. This marks a 130% increase over the past month, showcasing a bullish trend. The cat-themed price has soared to a new all-time high, breaking through the $1.40 mark. 

On October 7, 2024, The meme coin reached $1.48, setting a new record. A whale investor made $4.36 million on Popcat in less than a month, achieving a 106% return. From its all-time low of $0.00383 on January 4, 2024, Popcat has climbed over 30,800%.

Popcat Price Forecast: Is the Current Price Drop a Buy Opportunity?

In light of the recent “Uptober” enthusiasm, most cryptocurrencies today are undergoing a market correction after experiencing substantial gains. Bitcoin’s price currently teeters around $62,000, showing a mild downward trend. Over the last day, the  POPCAT price has markedly declined, currently at $1.24 after declining from ATH of $1.48. 

The strong resistance level for the top altcoin price is $1.48, while the support holds at $1.18. If the market rebounds, the Top Solana meme coin price could rally above the $1.5 level; with the sustained bullish trend, it could rally to new highs. However, should the bearish trend mount more pressure, the Popcat price could dip toward the support levels.

Technical indicators on the 4-hour chart reveal mixed signals, with the Awesome Oscillator indicating a slight positive momentum at 0.0997. The Relative Strength Index (RSI), currently at 48, suggests a neutral market sentiment, hovering just below the midpoint of 50.

As the cat-themed navigates these market fluctuations, investors might view the recent dip as a buying opportunity, potentially setting the stage for future gains. If the broader bullish trend resumes, POPCAT could climb to new record highs in the near future.

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Coingape Staff

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