Solana-Based Popcat Rallies 93%: How High Will It Go?

The cryptocurrency market witnessed a sudden turnaround over the weekend. Bitcoin (BTC) briefly surpassed the $64,000 mark but has since fallen to the mid-$63,000 level. The Solana-based meme coin Popcat (POPCAT) is one of the best-performing cryptocurrencies among the top 102 projects.

The asset has rallied by 4.3% in the last 24 hours, 93.4% in the weekly charts, and more than 47% in the 14-day charts. POPCAT continues to glow red in the monthly charts, falling 17.4% in the previous 30 days.

Also Read: Ripple: AI Predicts XRP’s Price For September 1, 2024

Factors Driving the Rally and Future Predictions

Solana-based Popcat

The current market resurgence, including the Solana-based meme coin, could be due to the Federal Reserve’s dovish economic policy stance. Fed chair Jerome Powell announced that the central bank will start cutting interest rates by September 2024.

An interest rate cut will likely boost investor confidence in pouring money into risky assets like cryptocurrencies.

Also Read: Shiba Inu Forecasted to Hit $0.005: Here’s When

Memecoins, like the Solana-based POPCAT, are among the most risky cryptocurrencies and could continue witnessing a surge in inflows.

How High Can SOL-Based POPCAT Go?

Solana
Source – ByteTree

According to CoinCodex analysts, POPCAT will continue rallying over the next few weeks. The platform anticipates the meme coin hitting $0.99 on Aug. 31, 2024, reclaiming its all-time high.

The platform predicts the SOL-based meme coin to continue its bullish stride throughout September, hitting $2.58 on Sept. 23, 2024. Reaching $2.58 from current price levels would translate to a rally of around 244%.

solana-based popcat
Source: CoinCodex

Also Read: XRP: Story Unveiled – New Documentary to Hit Major Platforms

Given the bullish development around the interest rate cut announcement and the positive market sentiment, the Solana-based meme coin could continue its bullish outlook.

If the market corrects over the next few days, as CoinCodex predicted, POPCAT could potentially face hurdles in hitting a new all-time high.

  • POPCAT

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