According to cryptocurrency analytics firm Santiment, one of the Solana (SOL)-based meme tokens could be undergoing a correction after hitting new highs over the weekend.
Santiment notes that Popcat (POPCAT) has caught the attention of major traders as it has surged more than 110% from around $0.469 on July 11 to an all-time high of $0.987 on Saturday.
The analytics firm explains:
“Historically, this level of sudden interest following a price surge is likely to be followed by a correction, which would likely be a better entry point.”
The correction may have already begun. POPCAT is trading at $0.853 at the time of writing and is down about 7% over the last 24 hours. The 98th largest cryptocurrency by market cap is still up about 14% over the last seven days.
Santiment also noted that Bitcoin traders, especially BTC bears, have been relenting on social media after the cryptocurrency giant’s “unexpected” rally last week.
“After the somewhat surprising rally in Bitcoin and cryptocurrencies over the past two weeks, the crowds have become quiet. Those who were talking about an impending bear market in early July have virtually disappeared as BTC once again approaches $70,000.”
BTC is trading at $67,409 at the time of writing. The largest cryptocurrency by market cap is up more than 8% in the past week.
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