Popcat (POPCAT) Stages a Strong Comeback as Investors Buy the Dip and Exchange Reserves Drop

Popcat (POPCAT) rose for four consecutive days, reaching a high of $0.25, its highest level since March 25. It has jumped by almost 100% from its lowest level this month.

Popcat (POPCAT) price surged to $0.25 on April 26, hitting its highest level since March 25. It has risen nearly 100% from its lowest level this month.

The recent price surge happened as crypto investors bought the dip in some specific Solana (SOL) meme coins like Fartcoin (FARTCOIN), Goatseus Maximus, Fartboy, and Vine.

According to blockchain analytics firm Nansen, more investors are transferring their Popcat tokens from exchanges to self-custody. As of April 26, exchange balances dropped by 9.6% in the past seven days to 239.5 million, down from 262 million the same day last week. Most of these outflows were from Bybit, Raydium, and Coinbase.

The weekly supply of Popcat tokens on exchanges also decreased by 2.3% to 24%.

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The chart above shows that the weekly supply of Popcat tokens on exchanges dropped by 2.3% to 24%.

Falling exchange reserves is a bullish sign, signaling that more investors are taking a long-term view of the coin and are not dumping their tokens.

Further, more data shows that the most profitable Popcat traders in the last seven days are not taking profits. The top trader has made a profit of $173,000 and still holds 97% of his position. The chart below shows that many of these traders still hold their tokens.

The daily chart shows that the Popcat price has bounced back in the past few days. This rebound happened after the token formed a falling wedge pattern, which is shown in blue. This pattern is made up of two descending and converging trendlines. The crypto token has also moved slightly above the 50-day moving average, while the Relative Strength Index and other oscillators have pointed upward.

Therefore, the coin will likely keep rising as bulls target the 23.6% Fibonacci retracement level at $0.5982, which is about 142% from the current price.