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Solana-Based Memecoin May Witness Correction After Hitting New All-Time Highs Over the Weekend: Santiment

July 24, 2024
in Altcoin
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One Solana (SOL)-based meme token could possibly be dealing with a correction after hitting new all-time highs over the weekend, in response to the crypto analytics agency Santiment.

Santiment notes that Popcat (POPCAT) drew consideration from mainstream merchants after skyrocketing from buying and selling at round $0.469 on July eleventh to a brand new all-time excessive of $0.987 on Saturday, a rise of greater than 110%.

Explains the analytics agency,

“Traditionally, this stage of sudden curiosity because of a value surge has a excessive likelihood of resulting in a correction, the place higher entry factors are seemingly.”

Supply: Santiment/X

The correction could have already got begun: POPCAT is buying and selling at $0.853 at time of writing and is down almost 7% previously 24 hours. The 98th-ranked crypto asset by market cap continues to be up almost 14% previously seven days.

Santiment additionally notes that Bitcoin merchants, particularly BTC bears, have mellowed down on social media after the crypto king ignited an “sudden” rally previously weeks.

“The group’s gone silent after Bitcoin and crypto have loved a considerably stunning rebound the previous two weeks. These vocal about an impending bear market in early July have primarily disappeared as BTC has neared $70,000 as soon as once more.”

Image
Supply: Santiment/X

BTC is buying and selling at $67,409 at time of writing. The highest-ranked crypto asset by market cap is up greater than 8% previously week.

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Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses you could incur are your duty. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in online marketing.

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Tags: AllTimeCorrectionhighsHittingMemecoinSantimentSolanaBasedWEEKENDwitness
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