Prices for Popcat and Bonk remained stable as sentiment in the cryptocurrency market declined, with Bitcoin dropping to $66,500.
Bonk (BONK), recognized as the first meme coin within the Solana (SOL) ecosystem, has seen a decline for three consecutive days, hitting a low of $0.000022. It currently sits 53% below its peak this year.
The Popcat (POPCAT) token maintained its position at $1.40, slightly beneath its year-to-date high of $1.5600. This token has stood out as one of the top-performing cryptocurrencies this year, boasting an impressive increase of 32,200% from its lowest point in 2024.
Recent insights from Nansen indicate that both Bonk and Popcat have undergone a significant surge in outflows from centralized exchanges. Bonk witnessed CEX outflows totaling $5.65 million, which is 7.25 times higher than the recent average.
In a similar vein, Popcat reported an outflow of $3.4 million within the last 24 hours, 2.15 times the recent average. Generally, CEX outflows are seen as a positive indicator, suggesting that investors are inclined to hold the token for an extended period. Conversely, inflows into exchanges often imply that holders are looking to sell their tokens.
Popcat is poised for a bullish breakout
On the daily chart, Popcat has shown strong performance in recent months, reaching a record high of $1.5535 in October.
The token has consistently maintained its position above both the 50-day and 100-day moving averages, which is a positive indicator. Additionally, it has formed a bullish pennant pattern, consisting of a long vertical line and a symmetrical triangle.
Consequently, Popcat is likely to experience a bullish breakout, potentially reaching its all-time high of $1.5535, about 10% higher than its current level. If the token surpasses this resistance point, further gains could be anticipated, possibly leading it to the psychological level of $2.
Bonk has created a symmetrical triangle
The Bonk token has remained within a narrow range in recent days following the formation of a double-top pattern at $0.000025. A double-top is regarded as a highly bearish market signal.
The upper boundary of this pattern aligns with the upper limit of the symmetrical triangle that has been forming over the past few months. This pattern is approaching its confluence point, suggesting that significant price movements may occur in the near future.
A breakout above the double-top at $0.000025 would indicate potential gains, while a drop below the 50-day moving average at $0.00002117 would signify possible further declines.
