Popcat soars by 18% in 24 hours: Will it hit $2 in 2024?

• As of press time, Popcat led by gains in the last 24 hours for the top 100 cryptos.
• Open interests, funding rates and aggregated liquidations all showing positivity.

Solana [SOL] memecoins continue to gain momentum despite skepticism from many who view them as short-lived projects. However, Solana creators are proving doubters wrong, with Bonk leading the charge, aiming to launch a Bonk ETP that could eventually pave the way for a future ETF.

Following this trend, Popcat [POPCAT] is also making its mark. Launched in March 2024 during a bullish market, POPCAT is now nearing the $1 price level, gaining more than 18% at press time, according to CoinMarketCap.

Its 24-hour trading volume surged by over 128%, placing POPCAT at the top of the CoinGecko charts ahead of all top 100 crypto by market cap including the booming AI coins such as Bittensor (TAO), Arweave (AR), and NEAR Protocol (NEAR).

Source: CoinGecko

With POPCAT’s impressive price gains and volume, the question arises: how high can it go in 2024?

Popcat shows momentum

POPCAT is showing a strong bullish trend, with its price climbing steadily since 8th September.

On the daily chart, it has consistently seen green candles, except for three days, reflecting a two-week uptrend. The 5th August market crash appears to have marked its low, as the price hasn’t revisited that level.

POPCAT’s current momentum suggests a potential breakthrough above the $1 price level, which could lead to further gains. If market conditions remain favorable, the price could reach $2 by the end of the year, offering over 100% gains.

Source: TradingView

However, there’s a chance POPCAT may face resistance and stall at the $1 mark before moving higher. It could also experience a temporary reversal near the 0.61 Fibonacci level before continuing its upward trend.

If the price drops below the recent higher low, this may signal a potential reversal, and further analysis will be required.

For now, POPCAT continues to show strength, and traders are watching for a decisive break higher.

OI-weighted funding rates and liquidations

Open interest-weighted (OI-weighted) funding rates and liquidations further support the bullish sentiment for POPCAT.

Analysis from Velo reveals that futures market metrics, including funding rates, open interest, and liquidations, indicate strong market confidence in POPCAT.

The open interest has hit a new all-time high, retesting previous highs, while the funding rates remain in positive territory, reinforcing the bullish outlook for the cat token.

Source: Velo on TradingView

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Additionally, the low number of liquidations suggests few traders are betting against the token, making a move toward the $2 price level a strong possibility.

With these trends, POPCAT shows the potential for continued growth in 2024, and if current conditions hold, traders could see substantial returns from this Solana-based memecoin.