- Traders were over-leveraged at $1.597 on the lower side and $1.663 on the higher side.
- POPCAT’s Long/Short Ratio stood at 1.045, indicating a strong bullish sentiment among traders.
Popular Solana [SOL]-based memecoin Popcat [POPCAT] has been making waves in the cryptocurrency landscape with its impressive performance.
On the 24th of October, while major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB] struggled to gain momentum, the memecoin registered a significant gain.
POPCAT’s current price momentum
At press time, POPCAT was trading near $1.644 after experiencing a price surge of over 18% in the past 24 hours.
During this period, its trading volume increased by 23%, indicating heightened participation from traders and investors compared to the previous day.
The potential reason for this rally is Solana’s recent consolidation breakout and the growing popularity of Solana-based meme tokens.
Technical analysis and key levels
According to AMBCrypto’s technical analysis, POPCAT appeared bullish as it had broken out from a strong consolidation zone between $1.13 and $1.54, shifting sentiment from a downtrend to an uptrend.
Source: TradingView
Following this breakout, the memecoin has a strong possibility of reaching a new high in the coming days.
Bullish on-chain metrics
POPCAT’s bullish outlook is further supported by on-chain metrics. According to the on-chain analytics firm CoinGlass, POPCAT’s Long/Short Ratio was 1.045 at press time, indicating strong bullish sentiment among traders.
Additionally, its Open Interest (OI) has skyrocketed by 29% over the past 24 hours and 8.6% over the past four hours.
This suggested growing trader and investor interest, along with a buildup of more positions compared to previous days.
Source: Coinglass
At the time of writing, 53.2% of top traders hold long positions, while 48.8% held short positions. Traders and investors often consider this rising Open Interest and a Long/Short Ratio above 1 when building long positions.
Major liquidation levels
As of now, the major liquidation levels were near $1.597 on the lower side and $1.663 on the higher side, with traders over-leveraged at these levels, according to the Coinglass.
If the sentiment remains unchanged and the price soars to the $1.663 level, nearly $1.27 million worth of short positions will be liquidated.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
Conversely, if sentiment changes and the price declines to the 1.597 level, approximately $2.16 million.
This liquidation data indicates that bulls are currently dominating the asset and may continue to support the ongoing bullish trend.
