This Meme Token Faces Potential Price Correction After Record Highs

A Solana-based cryptocurrency recently reached a record high, but might be in for a correction soon.

A popular meme token, Popcat (POPCAT), might be set for a price correction after reaching new record highs recently, according to crypto analytics firm Santiment.

😺 POPCAT has drawn attention from mainstream traders after the Solana-based asset has surged +117% since July 11th. 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. pic.twitter.com/Skpkn8Utu6

— Santiment (@santimentfeed) July 21, 2024

Santiment highlights that Popcat surged dramatically from approximately $0.469 on July 11 to a peak of $0.987 on Saturday, marking a gain of over 110%.

This surge has attracted significant attention from mainstream traders.

The firm notes that such rapid spikes often precede corrections, suggesting that this may be an opportunity for better entry points.

As of now, Popcat is trading around $0.853, reflecting a nearly 7% drop in the past 24 hours. Despite this, the token has still seen a 14% increase over the past week.