Meme coin Solana Popcat surges over 20% on Binance futures and KuCoin listings

• Binance has launched perpetual contracts for the meme coin based on Solana POPCAT.
• KuCoin has also listed a POPCAT/USDT trading pair on its spot market.
• POPCAT is up over 20% following listings on both exchanges.
• The meme coin could see a correction, with technical indicators suggesting that its price is entering the overbought region.

Exchange Binance announced on Thursday that it has listed perpetual contracts for the meme coin Solana POPCAT with up to 75x leverage. The listing means that Binance’s broad user base can now gain exposure to the POPCAT price. Such listings often result in a significant price increase for a cryptocurrency.

Shortly after Binance’s announcement, the KuCoin exchange listed a POPCAT/USDT trading pair on its platform, allowing users to deposit and trade their tokens on its spot market.

Following these announcements, a whale withdrew $5.73 million worth of SOL from Binance to buy POPCAT, according to Lookonchain data.

POPCAT is rallying but risks entering a correction

The positive updates caused a surge in the price of POPCAT, which has increased by over 22% in the last 24 hours. The move indicates increased buying pressure for POPCAT on exchanges.

The social volume of the meme coin has also increased, rising from just 7% to over 53% on Thursday. While increasing social volume amid rising prices indicates positive investor sentiment, sometimes a correction occurs when the crowd is overly bullish.

On the 4-hour chart, POPCAT may face resistance around the key resistance of $0.7132. The 100-day simple moving average (SMA) could prevent further upside in the price of the meme coin.

4 hour chart POPCAT/USDT

The Relative Strength Index (RSI) is at 69.7, moving into overbought territory. Such a move indicates that prices may see a correction soon. The Stochastic Oscillator (Stoch) is also showing a similar picture, with the %K and %D lines now above 80 in the overbought region.

A price correction could see POPCAT drop over 30% to find support around $0.3615.