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.

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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.

Alexander Stefanov