Breaking out from a week consolidation phase yesterday, Popcat gained strength and continued to post gains daily as it exploded massively. It leads today’s altcoins rally with a traded volume of $175 million since yesterday.

Following the recent market drawdown that led most meme coins into a serious reduction this week, Popcat remained stable above a key level and entered a brief consolidation phase after several failed attempts to break higher. This phase brought a lack of interest as volatility shrunk.

Interestingly, things turned out positive yesterday as the price broke up the $1.1 level that served as critical resistance for the bulls throughout the consolidation phase. It advanced higher today and almost tested $1.3.

A further surge in volatility could bring bigger gains in the near term before initiating a pullback. Though the recent break-up level is a close support to watch for a potential pullback. A drop below it could trigger a deeper pullback until the price tests the six-month rising support line.

If that comes into play, we can expect a quick buyback. But as it stands, there are no signs of drops. With a market cap of $1.25 billion, Popcat is currently ranked the third largest meme coin in the Solana ecosystem.

Now that the price is trading well above $1, the next key resistance level for a buy would be $2. But before then, it may face a small hurdle at the $1.4 and $1.7 levels before reaching the resistance level.

The weekly broken $1.1 resistance level is now considered as support. If the price drops and fails to hold above this support, the next support to keep in mind is the $0.9 level. Below it lies $0.8 and $0.66.

Key Resistance Levels: $1.4, $1.7, $2

Key Support Levels: $1.1, $0.9, $0.66

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: whyframeshot/123RF // Image Effects by Colorcinch

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