Popcat, a leading meme coin on the Solana network, extended its bullish momentum on Tuesday, reaching its highest level since March 3. The Popcat ( POPCAT ) token climbed to $0.2722, nearly doubling from its lowest point this year. Its market capitalization has surged to $254 million, making it the sixth-largest meme coin in the Solana ecosystem. Popcat’s surge has coincided with the ongoing recovery of other meme coins. Top Solana meme tokens like Fartcoin ( FARTCOIN ), Dogwifhat ( WIF ), Peanut the Squirrel, and cat in a dogs world have soared by over 20% in the last seven days. Data from third-party sources shows that the amount of POPCAT tokens held on exchanges has fallen over the past week. There are now 237.85 million tokens on exchanges, representing a nearly 10% decrease. The total share of supply held on exchanges has dipped to 24.24%. You might also like: Cardano price could surge to $2 as whale purchases rise A drop in the number of tokens on exchanges is a bullish sign since it is a sign that investors are moving their coins to self-custody. On-chain data from Nansen also shows strong conviction among profit-leading holders. The most profitable Popcat trader over the past week has made nearly $2 million and is still holding 99% of their tokens. Another top trader, with $121,000 in realized gains, is also holding 99% of their holdings. Profit leaders | Source: Nansen Popcat price technical analysis Popcat price chart | Source: crypto.news The daily chart shows that Popcat had been in a sustained downtrend since peaking at $2.07 in November and has bottomed out at $0.1590 earlier this month. It is now forming a double-bottom pattern which is classic bullish reversal sign. Indicators like the Relative Strength Index and the Percentage Price Oscillator are pointing upward, indicating a bullish divergence is forming. If momentum continues, Popcat could rally toward the psychological resistance at $0.50 which is around 100% above its current level. However, failure to hold recent gains may indicate further downside. You might also like: Abracadabra offers hacker 20% bounty after $13M breach
