POPCAT's Value Boosts by 11%, Yet Attention Shifts Towards a Layer-2 Solana ICO Offering 100X Growth Prospects
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The Popcat price went up 11% in the last 24 hours, hitting $0.4137 (EST time)! Many traders are purchasing this crypto, hoping for more gains.
Popcat has been on an upward trajectory over the past month, with its recent surge pushing the cryptocurrency's monthly performance above 196%.
The Popcat Price is Close to a Resistance Level
Daily Popcat/USD chart (Courtesy: GeckoTerminal)
In the past 3 weeks, Popcat has seen multiple higher highs and higher lows, creating a positive medium-term price channel. The meme coin is looking to extend this upward trend and surpass the resistance at $0.4094. If it does so, it may have the opportunity to climb as high as $0.4643.
However, the $0.4094 resistance level has been difficult for Popcat to overcome in recent days. If bears defend this level once more during this latest attempt, the meme coin could drop below the ascending trendline. If that happens, it might fall to support at $0.3470. Dropping further could lead it to $0.2861.
Technicals Suggest Popcat Price Could Continue Rising
From a technical standpoint, EMAs and RSI on the Popcat daily chart suggest the price might keep growing in the near future.
The 9 EMA is over the longer 20 EMA, which usually indicates a crypto is in a bullish phase. The gap between the two lines has also started to widen in recent hours, with the 9 EMA also acting as a dynamic support for Popcat. This points towards a short-term bullish outlook.
The increase in RSI readings points to strong buying pressure, with the current reading above the neutral 50 being bullish, and the latest reading in the mid 60s indicating there's potential for the Popcat price to rise even more before entering overbought territory.
Meanwhile, investors are also showing interest in a new Solana token named Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, says this new crypto could skyrocket by 100X after its launch!
Solaxy Aims to Improve Solana's Ecosystem
Solana has grown popular among developers of decentralized applications and meme coins due to its speed and low transaction fees. However, the network has suffered due to high levels of congestion resulting from an increase in token launches during meme coin hype.
If things don't change soon, Solana may experience another outage. Users have already started experiencing delayed and sometimes failed transactions during times of high traffic. Solaxy, a layer-2 scaling solution for the Solana ecosystem, aims to tackle these issues.
In the manner of Arbitrum and Optimism within the Ethereum ecosystem, Solaxy will process and bundle transactions off the Solana mainnet. Then, it will submit batches of transactions to the layer-1 for final validation, thereby increasing the overall efficiency of the blockchain.
Solaxy's team has made considerable progress toward their goal of processing 10,000 transactions per second on their layer-2 sidechain. They recently launched their testnet and the blockchain's block explorer, giving them the foundation needed to execute their vision for Solana scalability.
Solaxy doesn't just aim to scale Solana; it also connects the blockchain with Ethereum. By merging these two prominent Web3 blockchains, it offers developers a new platform to build ambitious applications without scalability concerns.
Solaxy Presale Delivers Impressive Results
Solaxy is still in its presale stage and is on track to deliver one of the best initial coin offering (ICO) performances of the year after raising more than $33.5 million in early funding.
Investors can still join the presale by buying SOLX for $0.001716. After purchasing SOLX using either cryptocurrency or a bank card, they can stake their tokens for a remarkable 120% annual return. But don't wait too long, as the price will increase in less than 5 hours!
Check out SOLX.
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- The Popcat price is approaching the resistance level of $0.4094, a hurdle it has struggled to surpass in recent days, as indicated by the daily Popcat/USD chart.
- The meme coin, Popcat, could see a further price increase, according to technical indicators, as the 9 EMA is over the longer 20 EMA, and the RSI readings point to strong buying pressure.
- Meanwhile, researchers at 99Bitcoins, a popular finance and investing YouTube channel with over 725K subscribers, are eyeing a new Solana token named Solaxy (SOLX), predicting it could potentially increase by 100X after its launch.
- Solaxy, a layer-2 scaling solution for the Solana ecosystem, aims to address issues of congestion and improve overall efficiency by processing transactions off the Solana mainnet, and recently launched its testnet and blockchain's block explorer.
