POPCAT Breaks Its Consolidation, Eyes on a 25% Rally?

The popular Solana-based coin, Popcat (POPCAT), is poised to see significant bullish momentum due to the formation of a bullish price action pattern on the daily time frame. Since the start of the new year, all cryptocurrency market appears to be recovering, including Bitcoin (BTC), Ethereum (ETH), and XRP.

Amid this potential market rebound, POPCAT climbed more than 10% over the past 24 hours and is currently trading near $0.84. This notable price rise contributed to a bullish setup for the meme coin.

POPCAT Technical Analysis and Upcoming Levels

According to expert technical analysis, POPCAT recently broke out of an extended consolidation zone and closed a daily candle above this level, confirming the successful breakout.

Based on recent price action, following this breakout, there is a strong possibility that the meme coin could surge by 25% to reach the $1.10 mark in the near future.

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On-chain bullish metrics

This breakout caught the attention of traders and investors over the past 24 hours, leading to a 25% increase in trading volume and an 18% increase in POPCAT open positions. According to on-chain analytics firm Coinglass, this highlights growing interest from traders and investors looking to capitalize on the consolidation breakout.

POPCAT one-time inflow/outflow data reveals that exchanges saw a significant outflow worth $1.7 million from POPCAT. This indicates that long-term holders withdrew these notable coins after the breakout, suggesting potential bullish momentum and increased buying pressure.

At press time, the main liquidation levels are at $0.826 at the bottom and $0.908 at the top, with traders overleveraged at these levels, according to Coinglass data.

If the market sentiment remains unchanged and the price reaches the $0.908 level, almost $5.52 million worth of short positions will be liquidated. Conversely, if sentiment changes and the price falls to the $0.826 level, nearly $4.42 million worth of long positions will be liquidated.