{"id":643278,"date":"2024-09-20T04:00:12","date_gmt":"2024-09-20T04:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=643278"},"modified":"2024-09-19T19:46:09","modified_gmt":"2024-09-19T19:46:09","slug":"this-solana-memecoin-climbs-36-on-the-verge-of-reaching-1-and-record-highs","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/this-solana-memecoin-climbs-36-on-the-verge-of-reaching-1-and-record-highs\/","title":{"rendered":"This Solana Memecoin Climbs 36%, On The Verge Of Reaching $1 And Record Highs"},"content":{"rendered":"

The excitement surrounding memecoins is making a notable comeback as Solana-based tokens outperform larger cryptocurrencies, particularly following the recent announcement from the Federal Reserve regarding interest rate cuts.<\/span><\/p>\n

Among the standout performers is Popcat (POPCAT), which has experienced a remarkable 36% spike in just 24 hours, bringing the token close to its all-time high achieved in July of this year, underscoring the renewed enthusiasm for memecoins amidst changing economic conditions.<\/span><\/p>\n

Popcat Records Nearly 100% Gain In A Month<\/span><\/h2>\n

On Wednesday, NewsBTC <\/span>reported <\/span><\/a>that the Federal Reserve announced its first rate cut in four years, reducing the federal funds rate by 0.50 percentage points. This adjustment marks a significant shift since the onset of the COVID-19 pandemic, lowering the target range to 4.75%\u20135%, down from 5.25%\u20135.5%.\u00a0<\/span><\/p>\n

These rates were the highest seen since 2001, and the decision is seen as a bullish signal for the broader market, suggesting potential price increases shortly, even as volatility is expected.<\/span><\/p>\n

Related Reading: Is This The End For Ethereum Or A Generational Opportunity?<\/a><\/div>\n

In response to this news, Solana saw nearly a 10% surge in the last 24 hours, edging closer to the $150 mark after successfully reclaiming key support levels. This momentum has fostered renewed confidence in tokens built on the Solana <\/span>network<\/span><\/a>, exemplified by Popcat\u2019s performance.<\/span><\/p>\n

\"Solana\"
Top 5 Solana memecoins and their performances. Source: CoinGecko<\/a><\/figcaption><\/figure>\n

Currently trading at $0.918, Popcat is now just 7% shy of its all-time high of $0.993 reached two months ago. The latest increase coincides with a staggering 236% rise in trading volume, nearing the $200 million mark within just 48 hours, according to CoinGecko <\/span>data<\/span><\/a>.\u00a0<\/span><\/p>\n

Looking at longer time frames, Popcat has demonstrated significant growth, recording a 44% increase over the past week and a 62% rise over the last two weeks.\u00a0<\/span><\/p>\n

This translates to nearly a 100% gain in the past month, particularly striking compared to larger cryptocurrencies that have faced losses following significant <\/span>market downturns<\/span><\/a> on August 5 and September 6.<\/span><\/p>\n

Key Levels To Watch For The Solana-Based POPCAT<\/span><\/h2>\n

Despite the uptrend recorded, POPCAT encountered challenges in maintaining its momentum earlier today. The token reached a daily high of $0.936 but struggled to consolidate above a critical resistance level at $0.939 on its POPCAT\/USDT daily chart.\u00a0<\/span><\/p>\n

This resistance has emerged as one of the last significant hurdles for Popcat before it can approach its all-time highs recorded in July. Should the token\u00a0<\/span>break through this barrier, the next\u00a0resistance\u00a0<\/a>level is <\/span>$0.971.\u00a0<\/span><\/p>\n

Not surpassing both levels could lead to a brief phase of consolidation, which may be necessary for the token to gain the strength required to push further upward. However, if the current uptrend loses momentum, the inability to break these resistance levels could hinder Popcat’s progress.<\/span><\/p>\n

Related Reading: A Record $21.77 Billion In Bitcoin Shorts Will Be Liquidated Once BTC Breaks $70,500<\/a><\/div>\n

On the downside, bullish investors should closely monitor the $0.834 level, as it serves as the nearest support floor for the memecoin. <\/span>It could indicate a potential\u00a0correction if the price falls below this support<\/a><\/span>.\u00a0<\/span><\/p>\n

In such a scenario, the next support level on the daily chart is significantly lower at $0.72. If the price reaches this level, it would represent a considerable decline of approximately 21% from its current trading price of $0.918.<\/span><\/p>\n

\"Solana\"
The 1D chart shows POPCAT’s price trending upwards. Source: POPCATUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The excitement surrounding memecoins is making a notable comeback as Solana-based tokens outperform larger cryptocurrencies, particularly following the recent announcement from the Federal Reserve regarding interest rate cuts. Among the standout performers is Popcat (POPCAT), which has experienced a remarkable 36% spike in just 24 hours, bringing the token close to its all-time high achieved in July of this year, underscoring the renewed enthusiasm for memecoins amidst changing economic conditions. Popcat Records Nearly 100% Gain In A Month On Wednesday, NewsBTC reported that the Federal Reserve announced its first rate cut in four years, reducing the federal funds rate by 0.50 percentage points. This adjustment marks a significant shift since the onset of the COVID-19 pandemic, lowering the target range to 4.75%\u20135%, down from 5.25%\u20135.5%.\u00a0 These rates were the highest seen since 2001, and the decision is seen as a bullish signal for the broader market, suggesting potential price increases shortly, even as volatility is expected. Related Reading: Is This The End For Ethereum Or A Generational Opportunity? In response to this news, Solana saw nearly a 10% surge in the last 24 hours, edging closer to the $150 mark after successfully reclaiming key support levels. This momentum has fostered renewed confidence in tokens built on the Solana network, exemplified by Popcat\u2019s performance. Currently trading at $0.918, Popcat is now just 7% shy of its all-time high of $0.993 reached two months ago. The latest increase coincides with a staggering 236% rise in trading volume, nearing the $200 million mark within just 48 hours, according to CoinGecko data.\u00a0 Looking at longer time frames, Popcat has demonstrated significant growth, recording a 44% increase over the past week and a 62% rise over the last two weeks.\u00a0 This translates to nearly a 100% gain in the past month, particularly striking compared to larger cryptocurrencies that have faced losses following significant market downturns on August 5 and September 6. Key Levels To Watch For The Solana-Based POPCAT Despite the uptrend recorded, POPCAT encountered challenges in maintaining its momentum earlier today. The token reached a daily high of $0.936 but struggled to consolidate above a critical resistance level at $0.939 on its POPCAT\/USDT daily chart.\u00a0 This resistance has emerged as one of the last significant hurdles for Popcat before it can approach its all-time highs recorded in July. Should the token\u00a0break through this barrier, the next\u00a0resistance\u00a0level is $0.971.\u00a0 Not surpassing both levels could lead to a brief phase of consolidation, which may be necessary for the token to gain the strength required to push further upward. However, if the current uptrend loses momentum, the inability to break these resistance levels could hinder Popcat’s progress. Related Reading: A Record $21.77 Billion In Bitcoin Shorts Will Be Liquidated Once BTC Breaks $70,500 On the downside, bullish investors should closely monitor the $0.834 level, as it serves as the nearest support floor for the memecoin. It could indicate a potential\u00a0correction if the price falls below this support.\u00a0 In such a scenario, the next support level on the daily chart is significantly lower at $0.72. If the price reaches this level, it would represent a considerable decline of approximately 21% from its current trading price of $0.918. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":643280,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[6664,14690,91898,93068,93067,92207,87684,91907,89405,85361],"class_list":["post-643278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-crypto-news","tag-popcat","tag-popcat-news","tag-popcat-price","tag-popcatusdt","tag-solana-memecoin","tag-solana-memecoins","tag-solana-news","tag-solana-price"],"acf":[],"yoast_head":"\nThis Solana Memecoin Climbs 36%, On The Verge Of Reaching $1 And Record Highs<\/title>\n<meta name=\"description\" content=\"The excitement surrounding memecoins is making a notable comeback as Solana-based tokens are outperforming larger cryptocurrencies.\" 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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