Will the Solana Token POPCAT Hit the $1 Mark?

With a rounding bottom reversal in the daily chart, POPCAT is making a comeback as the broader market recovers.

As the Bitcoin price continues to rally, meme coins are also making a comeback. One of these meme coins is POPCAT, which has surged over 129% since early August. Now, as the broader market recovers, many are wondering if POPCAT will hit the $1 mark.

According to the Fibonacci levels, the recovery began at $0.3778 on August 6. Now, having surpassed the 78.60% Fibonacci level, the meme coin has experienced a 129% increase over the past 44 days.

Siphoning momentum from the broader market bull run, the POPCAT token surged 19.21% yesterday. Currently, it shows an intraday gain of 3.08% from the opening price of $0.8439. At press time, POPCAT trades at $0.86661, asserting dominance over the $0.85 psychological mark.

Relative to this price action, as we can see on the daily chart, the meme coin is forming a series of higher lows and is approaching the previous swing high of $0.97. A breakout from this level could lead to a potential rounding bottom reversal on the daily chart, with the neckline around this swing high.

As the bullish trend approaches this neckline, breaking through this resistance could propel the price to the 1.618 Fibonacci level at $1.34031, indicating a 55% increase from the current market price, towards a bullish target.

However, breaking through the supply zone at $0.97 is crucial. A broader market slowdown, combined with the POPCAT challenging this neckline, could trigger a bearish reversal.

In such a scenario, critical support levels are located at the 78.60% and 61.80% Fibonacci levels, at $0.8453 and $0.7454, respectively. A bullish bounce from either of these levels could signal the formation of a cup and handle pattern with the same neckline.

On the technical analysis front, the MACD momentum indicator showcases a positive trend with rising average lines and histograms. Notably, the 50- and 20-day EMAs also remain bullish, further bolstering the upward momentum.

Smart Whale Makes $1.2M with POPCAT Rally

As the recovery in the POPCAT coin gains momentum, a smart whale is reaping significant profits from the meme coin. Specifically, in under two days, between September 12 and 13, the whale made more than $1.2 million.

The whale used $4.13 million USDC to acquire 6.11 million units of the POPCAT tokens at $0.68. Currently, the investor has more than $1.21 million in unrealized profits. This ongoing position suggests that a target of $1 could be on the horizon for the meme coin.