Popcat Prices Soar as Exchange Reserves Decrease, Profit Leaders Remain Strong
Popcat, a leading meme coin on the Solana network, has made a notable resurgence as investors seized the opportunity to buy during the dip, resulting in a decrease in exchange reserves.
Popcat (POPCAT) has experienced an upswing for four straight days, peaking at $0.25, marking its highest price since March 25. The coin has surged by nearly 100% from its lowest point this month.
This increase occurred as crypto enthusiasts took advantage of dips in specific Solana (SOL) meme coins, including Fartcoin (FARTCOIN), Goatseus Maximus, Fartboy, and Vine.
Data from Nansen reveals that a growing number of investors are transferring their Popcat tokens from exchanges to self-custody wallets. The total exchange balances have declined by almost 10% over the past week, dropping to 239.5 million from 262 million last week. The majority of these outflows came from Bybit, Raydium, and Coinbase.
The weekly supply of Popcat tokens available on exchanges has decreased by 2.3%, currently sitting at 24%. This declining exchange reserve is a bullish indicator, suggesting that more investors are adopting a long-term perspective on the coin rather than selling their tokens.
Additional data shows that the most successful Popcat traders in the past week have opted not to sell their holdings. One top trader has realized a profit of $173,000 and retains 97% of his position. The chart below illustrates that many of these traders continue to hold their tokens.
Popcat Price Analysis
The daily chart indicates that the price of Popcat has rebounded in recent days. This recovery followed the formation of a falling wedge pattern, illustrated in blue, characterized by two descending and converging trendlines.
The Popcat token has traded slightly above the 50-day moving average, with the Relative Strength Index and other oscillators trending upward.
As a result, the coin is expected to maintain its upward trajectory as bullish investors aim for the 23.6% retracement level at $0.5982, which represents a 142% increase from the current price.