Solana-based meme coin Popcat (POPCAT) hit an all-time high of $1.47 earlier today. The asset is up by 19.4% in the daily charts, 53.7% in the weekly charts, 58% in the 14-day charts, and 188.4% over the previous month.
The cat-themed cryptocurrency has climbed to the 63rd spot among the top projects by market cap, with a valuation of $1.42 billion. The meme coin has fallen by 0.7% from its peak.
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Source: CoinGecko
Why Is The Memecoin Up Today?
Solana-based Popcat’s latest rally follows the general market trend. Bitcoin (BTC) has reclaimed the $63,000 level after to $60,000 last week. The market resurgence could be due to the positive jobs data revealed on Friday.
POPCAT’s rally could also be due to the possibility of another Federal Reserve interest rate cut in November.
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The market rally could also be due to October being a historically bullish month for the crypto market.
Can The Solana-Based POPCAT Hit $2 Next?
According to the analysts at CoinCodex, the meme coin will continue its bullish trajectory over the next few weeks. The platform anticipates POPCAT to breach the $2 mark on Oct. 17, 2024 and predicts the meme coin to hit a high of $3.53 on Oct. 31, 2024. Reaching $3.53 from current price levels will entail a rally of about 141.7%.
Source: CoinCodex
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POPCAT may continue its rally, given that Bitcoin (BTC) maintains its bullish outlook. If the market faces a correction, the meme coin will likely also face a similar development. Geopolitical tensions in the Middle East could lead to a dip in investor sentiment, which may negatively impact the asset’s price.
