The once-bullish momentum of Popcat, the third-largest meme coin on the Solana network, appears to be waning. After peaking and capturing investor enthusiasm, the token’s price has slipped over 40% from its highest level this year. A combination of increased selling pressure, rising exchange balances, and dwindling smart money involvement is weighing on its near-term prospects.
Rising Exchange Balances and Selling Pressure
Recent data from Nansen reveals a 7.7% increase in Popcat tokens held on exchanges over the past week, pushing the total exchange-based supply to approximately 22.8%. This influx of coins onto platforms like Bybit, Kraken, Gate, and Raydium often hints at heightened selling activity. In other words, as more tokens migrate from private wallets to trading venues, the likelihood of sell-offs intensifies, potentially exerting downward pressure on the price.
Smart Money Exits and Stagnant Holder Growth
Further reinforcing the bearish narrative is the decline in “smart money” holders—savvy investors known for their market acumen. Their numbers have fallen dramatically, from 85 a few months ago down to just 40 today. Total balances held by these well-informed traders have also dipped slightly, suggesting that many have chosen to take profits or move their capital to other opportunities. Meanwhile, overall holder growth remains lackluster. According to CoinCarp, Popcat’s holder base has barely budged, indicating a wait-and-see sentiment among retail participants as the broader crypto market stalls.
Technical Indicators Turn Bearish
From a technical standpoint, Popcat’s trajectory appears challenging. After hitting a local top at $2.07 on November 17, the token slipped below its 50-day moving average and is now flirting with the 50% Fibonacci Retracement level near $1.0385. The emerging head-and-shoulders pattern is a classic bearish setup, further supported by downward-trending MACD and RSI indicators. If sellers manage to push prices below the key support at $0.9975, Popcat could find itself tumbling toward the psychological $0.50 mark—a substantial decline from current levels.
In Summary
Rising exchange balances, reduced smart money involvement, and weakening technical signals form a trifecta of bearish forces for Popcat. Without a catalyst to reignite interest and momentum, the path of least resistance may remain lower in the near term.
