The post Popcat boasts 35% surge driven by improved trader sentiment appeared on BitcoinEthereumNews.com.

Popcat emerged as the top gainer this week, driven by improved trader sentiment and a sharp rise in its futures open interest. Popcat (POPCAT) rose over 35% in the last seven days, hitting a new all-time high of $1.26 on Oct. 5. Most of these gains came within the last 24 hours. the token rose 20.6% from its intraday low of $0.98.  The Solana-based token was also up 112% over the past month, making it the second-largest gainer among the top 100 cryptocurrencies, boasting a market cap exceeding $1.2 billion, according to CoinGecko. One of the key bullish arguments for Popcat is its widely distributed ownership, with large holders controlling just 17% of the total supply per CoinCarp data. The same cannot be said for its competitors like Bonk (BONK) and Shiba Inu (SHIB), which are far more concentrated, with the top 10 wallets holding 52% and 61% of the supply, respectively. This makes Popcat less vulnerable to “whale” manipulation and offers a more stable, balanced trading environment. Bulls remain in control The coin’s futures open interest is up 344% to a record $191.11 million, signaling that traders are heavily positioning for further price gains. On the 1D POPCAT/USDT chart, the recent price action has pushed the token above the upper Bollinger Band, currently at $1.865, confirming the strong upward momentum.  However, this also means that the token has reached an overbought zone. This is reinforced by the Commodity Channel Index spiking to 222.2, well above the 100 threshold that indicates overbought conditions. POPCAT price, Bollinger Bands and CCI chart | Source: crypto.news Although these technical signals suggest the potential for a market correction, the token’s successful retest of the upper Bollinger Band earlier today reinforces the idea that bulls remain in control. This could point to continued upward momentum…

---

Filed under: News - @ October 5, 2024 4:25 pm