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- Solana shares rose 2% as Bobcat listed on two exchanges.
- However, SOL may remain in a consolidation phase if key market conditions are not met.
Solana [SOL] Bitcoin has been on a downward trend for the past two weeks, having last broken through the $200 barrier about six months ago. At the time of writing, Bitcoin was trading at $145.
Despite these bearish expectations, Solana stock has risen 2% in the past 24 hours, a jump that coincided with Bobcat’s listing on the New York Stock Exchange. Binance and Q coin.
On August 22, Binance launched perpetual contracts for the Solana-based memecoin POPCAT, and KuCoin listed the POPCAT/USDT trading pair on its spot market.
As a result, POPCAT’s value increased by more than 20% after the listings on both exchanges.
Since Solana often He depends Could POPCAT be the next catalyst for Solana’s memecoins to surge during periods of market volatility? AMBCrypto investigates.
POPCAT Stock Rise on Solana, Attracting Investors’ Attention
Popular Analytics Company Lookonchain open On X (formerly Twitter) that after Binance announced POPCAT perpetual contracts, a whale withdrew 39,816 Solana worth $5.73 million from CEX to buy 10 million POPCAT memecoins.
This has confirmed the increasing dominance of Memcoins On the Solana network.
To better understand the impact of meme tokens on Solana, AMBCrypto analyzed the latest market trends. The results revealed several key insights.
Source: KuCoin
On the day POPCAT officially entered the KuCoin spot exchange, buy orders for SOL exceeded sell orders by 13%. Meanwhile, the overall net exchange flow remained negative.
Simply put, investors may purchase SOL to participate in the POPCAT memecoin ecosystem, showing confidence in Solana-based projects.
Source: Coinglass
Negative net flow indicates that more Solana is being withdrawn from exchanges than is being deposited, possibly due to the whale activity mentioned earlier.
This activity may have influenced the Solana price to move in an upward direction. However, AMBCrypto explored whether this trend can continue in the long term.
Strong conditions are needed to ensure sea level rise.
Since its listing, POPCAT has seen a significant surge. On the daily timeframe, the strong rally has brought the meme token closer to its previous rejection level at $0.6607.
Although POPCAT has shown impressive performance on the daily chart, this does not necessarily guarantee a long-term impact on the Solana price.
To achieve such a guarantee, market conditions must be in favor of the alternative currency.
Source: Santiment
Surprisingly, despite the recent whale activity, the altcoin’s trading volume has not increased. On the day of listing, trading volume on the Solana network exceeded $2 billion; however, it has since declined to $1.40 billion.
What’s even more surprising is that the weighted sentiment shifted from very positive to somewhat positive.
Reads Solana [SOL] Price prediction 2024-2025
While POPCAT trading volume could reach new highs, the overall sentiment surrounding Solana has remained remarkably neutral.
According to AMBCrypto, while POPCAT played a crucial role in renewing investor interest in Solana, more factors are needed to predict a breakout.
