Popcat (POPCAT) Price Prediction 2023-2024: Will the Solana Meme Coin Recover?

Popcat, a Solana meme coin that has soared by over 4,400% in 2024, is losing market share as its token plunges.

Solana meme coin Popcat (POPCAT) has soared by over 4,400% in 2024, making it one of the best performers in the cryptocurrency market. However, the token is now losing market share as its price plunges.

According to data from CoinGecko, Popcat price has dropped by over 62% from its highest level this year. This decline has pushed its market cap to $762 million, moving it from being the second-biggest Solana meme coin into the sixth after being passed by Pudgy Penguins, Dogwifhat, Fartcoin, and ai16z.

Smart money investors are selling

Smart money investors are defined as those holding over $200,000 worth of a token. Data from crypto analytics firm Nansen shows that smart money investors are continuing to sell their Popcat holdings.

The number of smart money investors holding the token has dropped from over 70 to 30. Furthermore, the tokens held by these investors have also moved from 2.10 billion in May to 2.07 billion today.

On the other hand, there are also signs that the number of Popcat tokens on exchanges has continued rising, which is a sign that investors are selling. Over the last seven days, these tokens have risen by 2.77% to over 248.32 million.

Solana meme coin industry is very vibrant

One likely reason for this plunge is that the Solana meme coin industry has been very vibrant, with new tokens regularly going viral. Among the most recent is Pudgy Penguins, which has become the second-biggest Solana meme coin.

Before that, there was Peanut the Squirrel, Goatseus Maximus, and Moo Deng. These tokens have soared astronomically, and some have even entered the top 100 cryptocurrencies.

However, the meme coin industry is also known for its volatility, and tokens can quickly lose value. This is what seems to be happening to Popcat, which enjoyed a massive rally earlier this year.

Popcat price technical analysis

On the daily chart, we can see that the POPCAT token has formed several bearish patterns, which are pointing to further drops.

The token has formed a head-and-shoulders pattern, with a neckline at $1.900. On December 14, the token moved below this neckline.

The 50-day and 100-day moving averages have also formed a bearish crossover, which is often seen as a mini-death cross.

Finally, the Popcat price has formed a bearish pennant pattern, which is made of a long vertical line and a symmetrical triangle pattern. This pattern usually leads to a bearish continuation.

The token has also moved to the 61.8% retracement level. Therefore, the outlook for the token is bearish, with the next target to watch being at the 78.6% retracement point at $0.4470, which is about 42% below the current level.