Popcat (POPCAT) Meme Token May Be Facing a Correction After Hitting New All-Time Highs: Santiment

One Solana (SOL)-based meme token could be facing a correction after hitting new all-time highs over the weekend, according to the crypto analytics firm Santiment.

A Solana (SOL)-based meme token might be due for a correction after hitting new all-time highs over the weekend, a development that has also caused it to gain attention from mainstream traders.

According to crypto analytics firm Santiment, Popcat (POPCAT) hit a new all-time high of $0.987 on Saturday. The meme token, which is ranked 98th by market cap, was trading at around $0.469 on July 11th, an increase of more than 110%.

“Historically, this level of sudden interest as a result of a price surge has a high chance of leading to a correction, where better entry points are likely,” Santiment noted.

The correction may have already begun, as POPCAT is trading at $0.853 at the time of writing and is down nearly 7% in the past 24 hours. However, the meme token is still up nearly 14% in the past seven days.

Meanwhile, Santiment also observed that Bitcoin traders, especially those who were bearish on BTC, have become less vocal on social media after the crypto king sparked an “unexpected” rally in the past weeks.

“The crowd’s gone silent after Bitcoin and crypto have enjoyed a somewhat surprising rebound the past two weeks,” the analytics firm noted.

“Those vocal about an impending bear market in early July have essentially disappeared as BTC has neared $70,000 once again.”

BTC is trading at $67,409 at the time of writing. The top-ranked crypto asset by market cap is up more than 8% in the past week.