Solana-Based Memecoin May Witness Correction After Hitting New All-Time Highs Over the Weekend: Santiment
One Solana (SOL)-based meme token could be facing a correction after hitting new all-time highs over the weekend, according to the crypto analytics firm Santiment.
Santiment notes that Popcat (POPCAT) drew attention from mainstream traders after skyrocketing from trading at around $0.469 on July 11th to a new all-time high of $0.987 on Saturday, an increase of more than 110%.
Explains the analytics firm,
“Historically, this level of sudden interest as a result of a price surge has a high chance of leading to a correction, where better entry points are likely.”
The correction may already have begun: POPCAT is trading at $0.853 at time of writing and is down nearly 7% in the past 24 hours. The 98th-ranked crypto asset by market cap is still up nearly 14% in the past seven days.
Santiment also notes that Bitcoin traders, especially BTC bears, have mellowed down on social media after the crypto king ignited an “unexpected” rally in the past weeks.
“The crowd’s gone silent after Bitcoin and crypto have enjoyed a somewhat surprising rebound the past two weeks. Those vocal about an impending bear market in early July have essentially disappeared as BTC has neared $70,000 once again.”
BTC is trading at $67,409 at time of writing. The top-ranked crypto asset by market cap is up more than 8% in the past week.
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