One Solana (SOL)-based meme token could see a correction after hitting new all-time highs this weekend, according to crypto analytics firm Santiment.
Santiment notes that Popcat (POPCAT) caught the attention of mainstream traders after it skyrocketed from trading around $0.469 on July 11 to a new all-time high of $0.987 on Saturday, an increase of more than 110%.
Explains the analytics company:
“Historically, this level of sudden interest driven by a price increase has a high probability of leading to a correction, with better entry points likely.”
The correction may have already begun: POPCAT is trading at $0.853 at the time of writing and is down almost 7% in the last 24 hours. The 98th-ranked crypto asset by market cap is still up nearly 14% over the past seven days.
Santiment too notes that Bitcoin traders, especially BTC bears, have mellowed on social media after the crypto king sparked an “unexpected” rally in recent weeks.
“The public has gone quiet after Bitcoin and crypto have had a somewhat surprising rebound over the past two weeks. The talk of an impending bear market in early July has essentially disappeared as BTC approaches $70,000 again.”
BTC is trading at $67,409 at the time of writing. The highest-ranked crypto asset by market capitalization is up more than 8% in the past week.
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Generated image: Midjourney