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Solana’s POPCAT Rally Aims for $1.34 as Whale Secures $1.21M in Gains

Albert Brown
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Solana’s POPCAT Rally Aims for $1.34 as Whale Secures $1.21M in Gains

With the 129% recovery rally continuing to gain momentum, will the Solana token POPCAT hit the $1 mark?

As the Bitcoin price surpasses the $62,000 milestone, meme coins are jumping back into action. With a rounding bottom reversal in the daily chart, POPCAT is making a comeback as the broader market recovers. 

Siphoning momentum from the broader market bull run, the POPCAT token surged 19.21% yesterday. Currently, it shows an intraday gain of 3.08% from the opening price of $0.8439. At press time, POPCAT trades at $0.86661, asserting dominance over the $0.85 psychological mark. 

Will POPCAT Hit $1?

Based on the Fibonacci levels, the recovery began at $0.3778 on August 6. The meme coin has now surpassed the 78.60% Fibonacci level, experiencing a remarkable 129% increase over the past 44 days.

POPCAT Price Chart
POPCAT Price Chart

Over the past 44 days, the meme coin has formed a series of higher lows and is approaching the previous swing high of $0.97. The daily chart indicates a potential rounding bottom reversal, with the neckline near this swing high.

As the bullish trend approaches the neckline, a breakout could propel the price to the 1.618 Fibonacci level at $1.34031, representing a 55% increase from the current market price—an impressive bullish target.

However, breaking through the supply zone at $0.97 is crucial. A broader market slowdown, combined with the POPCAT challenging this neckline, could trigger a bearish reversal.

In such a scenario, critical support levels are located at the 78.60% and 61.80% Fibonacci levels, at $0.8453 and $0.7454, respectively. A bullish bounce from either of these levels could signal the formation of a cup and handle pattern with the same neckline.

The MACD momentum indicator shows a positive trend with rising average lines and histograms. Additionally, the 50- and 20-day EMAs remain bullish, further supporting the upward momentum.

Smart Whale Makes $1.2M with POPCAT Rally 

As the recovery in the POPCAT coin gains momentum, a savvy whale is reaping significant profits. Specifically, in under two days, between September 12 and 13, the whale made more than $1.2 million.

The whale leveraged $4.13 million USDC to acquire 6.11 million units of the POPCAT tokens at $0.68. Currently, the investor holds $1.21 million in unrealized profits. This ongoing position reflects the whale’s confidence, suggesting that a target of $1 could be within reach.

Report Paints Bitcoin Path to $1M as BTC Reclaims $62K Post Rate Cut

Albert Brown
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Report Paints Bitcoin Path to $1M as BTC Reclaims $62K Post Rate Cut

A report from August highlights oversold conditions for Bitcoin and potential upside as it trades near cycle bottom.

The report outlined key factors influencing Bitcoin’s current market position and future price trajectory. The report resurfaced as Bitcoin recently surged to $62,000, spurred by yesterday’s rate cut. This latest movement has generated renewed discussions about Bitcoin’s long-term price potential, particularly the possibility of reaching $1 million within the next decade.

Current Market Position 

Per the report, Bitcoin trades near the lower end of the Power Law’s logarithmic band, a historical indicator of consolidation or a potential market bottom. This position signals limited downside risk, suggesting the possibility of an upward movement.

Interestingly, the Long-Term Power Law model indicates that Bitcoin’s price should be around $89,000, significantly above its current value. 

The 200-Week Moving Average (200W MA) Heatmap also highlights Bitcoin as oversold, often a precursor to significant price rebounds. Historically, when Bitcoin has traded near this level, it has led to substantial price increases as market sentiment improves and long-term investors re-enter.

BTC 200-Week MA
BTC 200-Week MA

The 200W MA Heatmap further supports this, with current deviations below the average indicating that Bitcoin is undervalued. This positioning has been rare historically and has typically preceded price recoveries within a few months.

Long-Term Projections and Industry Insights

The report also suggests that traditional models like Plan B’s Stock-to-Flow ratio may not accurately predict Bitcoin’s price due to similar halving events in altcoins with minimal impact. Instead, Bitcoin’s price is driven by network effects and adoption, following Metcalfe’s Law, where its value grows exponentially as users increase.

BTC Long Term Power Law
BTC Long Term Power Law

The Bitcoin Power Law incorporates this concept, indicating a logarithmic price growth with defined support and resistance levels. This model predicts Bitcoin may reach $100,000 between 2021 and 2028, supported by its historical growth curve. Further projections suggest it could hit $1 million between 2028 and 2037 as network adoption continues to expand, and not falling below this thereafter

This view aligns with investment strategist Lyn Alden’s recent prediction, which tips Bitcoin to trade at $1 million per coin by 2035. Alden emphasized Bitcoin’s continued dominance as a digital asset and portable store of value as key drivers for this ambitious forecast.

Bitcoin May Claim 20% of Gold’s $17T Cap Following Rate Cut: Crypto Founder

Albert Brown
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Bitcoin May Claim 20% of Gold’s $17T Cap Following Rate Cut: Crypto Founder

The broader crypto market is witnessing a notable surge after the Federal Open Market Committee (FOMC) announced a 50 basis point reduction in interest rates.

This policy shift fueled a swift rally across key digital assets, with Bitcoin (BTC) trading above $62,000 and Ethereum (ETH), Solana (SOL), and XRP also experiencing gains between 1% and 4%.

As a result, the global cryptocurrency market capitalization reached approximately $2.24 trillion, reflecting renewed investor enthusiasm.

Bitcoin Could Claim 20% of Gold Market Cap

The recent price movements have sparked discussions among analysts about the potential for further gains. Market participants speculate that Bitcoin could be on track to hit new all-time highs.

Dan Gambardello, founder of Crypto Capital Venture, argued that Bitcoin could reach $180,000 in this market cycle. Stressing his view that the projection is realistic, Gambardello pointed out that a $180K price point for Bitcoin would equate to a market cap exceeding $3.5 trillion, which would be just 20% of gold’s $17.35 trillion market cap. 

Bitcoin’s performance against gold has been a notable trend this year, with the BTC/GC ratio climbing from 20.5 at the start of 2024 to a peak of 34.08 in March. This marks a 66% increase in Bitcoin’s value relative to gold in the first quarter. 

This comparison has intrigued investors, leading to discussions on social platforms about whether Bitcoin’s utility and adoption can match these valuation projections.

Long-Term Price Targets 

It is also important to note that this bullish sentiment by Gambardello is not isolated. Investment strategist Lyn Alden has also recently projected that Bitcoin could reach $1 million per coin within the next decade, citing rising adoption and its position as a leading digital asset.

Alden’s forecast aligns with similar projections from industry leaders who see Bitcoin achieving significant valuation milestones, although timelines vary. 

This long-term outlook is bolstered by accumulating whale addresses, which CryptoQuant reported have been consistently increasing their Bitcoin holdings for six consecutive days.

This accumulation by large-scale investors, particularly through custody wallets, comes amid ongoing market volatility. Over the past three weeks, Bitcoin has fluctuated between $52,546 and $60,000 before the recent breakout above $62K.

Coinbase Recognizes XRP and Shiba Inu as Money and Store of Value Assets

Lele Jima
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Coinbase Recognizes XRP and Shiba Inu as Money and Store of Value Assets

Prominent crypto exchange Coinbase classifies XRP (XRP) and Shiba Inu (SHIB) as currencies, emphasizing that they are designed to function as money.  

According to Coinbase’s designation, Shiba Inu and XRP are currencies “specifically designed to function as money or store of value.”

Coinbase Currencies category
Coinbase Currencies category

This comes amid debate within the XRP community regarding the token’s regulatory status. As reported earlier, Abdullah Nassif, the host of the Good Morning Crypto podcast, asked whether XRP is now officially recognized as a currency.

He made the inquiry while reacting to comments from Wall Street analyst Linda P. Jones, who stated that a U.S. federal agency considered XRP a virtual currency before the SEC v. Ripple lawsuit. 

Specifically, the U.S. Financial Crimes Enforcement Network (FinCEN) referred to XRP as a virtual currency in 2015 when it imposed a fine of $700,000 against Ripple following the company’s violation of the Bank Secrecy Act. 

Coinbase Recognizes XRP and SHIB as Currencies 

Interestingly, data from Coinbase shows that XRP, SHIB, and seven other cryptos are classified as currencies. The list also includes Bitcoin (BTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumens (XLM), Zcash (ZEC), and Dash (DASH).

Coinbase stated that the tokens are “specifically designed to be money or a store of value.” Coinbase’s classification of XRP and SHIB as currencies is important because the exchange views both assets as legitimate forms of digital currencies. 

The move indicates that Coinbase believes the tokens possess the key characteristics of money, which include medium of exchange, acceptability, unit of account, store of value, and limited supply, among others. 

Interestingly, these characteristics are inherent in Shiba Inu and XRP. Although the store of value feature remains uncertain due to the high volatility associated with cryptos, enthusiasts are confident that this volatility issue will eventually stabilize, making them the perfect store of value in the future. 

Upcoming Crypto Clarity 

There has been ongoing uncertainty regarding the regulatory status of cryptocurrencies especially as the U.S. SEC moves to give the securities tag to most tokens. 

Although the SEC has never labeled SHIB a security, the regulator classified XRP as a security in its landmark lawsuit against Ripple in 2020. 

It took a court ruling from a federal judge to nullify this claim. As reported earlier, the judge declared that XRP in and of itself is not a security but can be sold and offered as part of an investment contract. 

The SEC recently dismissed concerns about a potential appeal on the legal classification of XRP when it acknowledged in the Binance lawsuit that crypto assets are merely computer codes and are not inherently securities. 

Bitcoin Crosses $62K with 0.5% Fed Rate Cut, Eyes $70K by Month-end

Albert Brown
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Bitcoin Crosses $62K with 0.5% Fed Rate Cut, Eyes $70K by Month-end

With a breakout run in the 4-hour chart, the surge in demand propels Bitcoin above $62K. Will this uptrend prolong for the rest of the month to hit $70K?

A highly anticipated bull run in the crypto market begins with the chairman of the U.S. Federal Reserve, Jerome Powell, announcing a rate cut. On September 18, Jerome Powell announced a 50-basis-point rate cut, fueling a bull run in Bitcoin. 

The rising bullish wave reached the global markets during the Asian market hours, boosting Nikkei, NIFTY, and other Asian indexes. As the sentiments improve, will Bitcoin’s price reach the $70K mark this month? 

Breakout Run For Bitcoin

As the Bitcoin price surpasses the $62,000 horizontal level, the price action signals a breakout rally. In the four-hour chart, the BTC price action forms an inverted head-and-shoulder pattern with a neckline near $61,451. 

Bitcoin price Chart
Bitcoin price Chart

The ongoing recovery run results in a bullish pattern breakout, increasing by 3.05% in the past 24 hours. The recovery run boosts the 7-day price jump to 7.21%. As it sustains dominance above the $62,000 mark, a golden crossover is witnessed in the four-hour chart between the 50- and 200-day EMMs. 

US Spot Bitcoin ETFs Outflows Resurface 

Despite the massive surge in Bitcoin and the rate cuts, the US Spot Bitcoin ETFs witnessed a minor dip. With a 52.7% outflow, the four consecutive days of inflows for Bitcoin ETFs came to an end. 

US Spot Bitcoin ETFs
US Spot Bitcoin ETFs

The Grayscale Minitrust is the only BTC ETF witnessing a positive inflow of $2.7 million, and ARK 21Shares (ARKB) records the biggest outflow of the day at $43.4M. 

Will Bitcoin Hit $70K?

Based on the price action levels and the bull run fueled by the golden crossover, the next resistance level for Bitcoin stands at $64,600 and $65,560. Optimistically, an uptrend continuation by the end of the month could aim for the $69,848 level. 

On the flip side, the support levels for Bitcoin at $60K and $57,681 are standing strong. Further, the dynamic average lines in a positive trend could absorb a minor surge in supply pressure.

Donald Trump Becomes First US President to Pay in Bitcoin After PubKey Burger Purchase

Mark Brennan
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Donald Trump Becomes First US President to Pay in Bitcoin After PubKey Burger Purchase

Former US president and pro-crypto Republican nominee Donald Trump made history on Wednesday after treating fans to a burger and paying with Bitcoin.

Trump’s stop at the famous Bitcoin-themed PubKey bar went into the history book as he became the first US president to make payment in Bitcoin. The Republican nominee stopped at the bar near New York University in Greenwich Village before a campaign rally at the Nassau Coliseum in Long Island, New York.

Trump Pays, Hands out Crypto Burger

Notably, he treated his cheering supporters to a cheeseburger, a meal he is known to be fond of. He handed out over a dozen burgers to his fans, racking up a bill of $998.7.

Trump then paid the bar using Strike, a payment application based on the Bitcoin Lightning Network. He scanned and transferred the funds to PubKey’s Zaprite app, getting applause from bystanders.

While handing the burgers to the crowd in the bar, Trump termed the meal a “crypto burger.” He further stated that Bitcoin was happening, referring to the transactional acumen of the largest cryptocurrency.

Reacting to the scene, PubKey’s co-founder, Thomas Pacchia, stated that history had been made in the bar. He applauded Trump’s friendly stance toward cryptocurrency, referring to it as huge and influential for Bitcoin.

Trump Reiterate Friendly Gesture Towards Crypto

The late Wednesday event loudly echoes the Republican candidate’s pro-crypto stance. It follows his series of activities pointing to a clear adoption of the emerging technological innovation.

Trump was also present as the founders launched World Liberty Financial, a decentralized finance (DeFi) platform. He and his two sons, Eric Trump and Donald Trump Jr., had teased the project for months before unveiling it on Monday.

Notably, Trump’s Bitcoin stance has endeared him to the crypto community. He has also received financial donations to support his ploy to become America’s next president. Notable figures like the Winklevoss twins and Ripple’s CLO Stuart Alderoty respectively donated $1 million in Bitcoin and 624,000 XRP to support Trump’s campaign.

Analyst Expects Green Mega Pump to Push XRP by 9,468% to $27

Sam Wisdom Raphael
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Analyst Expects Green Mega Pump to Push XRP by 9,468% to $27

XRP could witness a historic surge, as market analyst EGRAG forecasts a potential price explosion of 9,468% on the back of a “green mega pump.”

Leveraging a recent analysis on X, the market analyst based his prediction on XRP’s historical price movements, which have demonstrated massive pumps in previous market cycles.

EGRAG explained that XRP’s cycle bottom is currently set at $0.28, and from this level, the token could rise to various price targets, each based on its past performance and the current market condition.

Possible XRP Price Scenarios 

In his analysis, EGRAG introduced five potential scenarios for XRP’s price trajectory. He breaks down each scenario using color codes, starting with a more conservative outlook where XRP could rise by 932%, bringing the price to $3. This price is slightly lower than the all-time high of $3.31.

XRP 1M Chart EGRAG Crypto
XRP 1M Chart | EGRAG Crypto

The next target from EGRAG, demonstrated with a yellow marking, looks out for a 1,563% price pump, which would push XRP to $4.85. This represents the first price target that would see XRP surpass its current all-time high value.

As the possibilities grow, EGRAG presents a more aggressive scenario where XRP could climb by 2,035%. This scene, which the analyst marks with a red designation, would elevate the XRP price to $6.22. 

Pushing further, he forecasts a potential pump of 2,536%, which could take XRP to $7.68. Interestingly, in July, the market analyst asserted that XRP has the potential to clinch the $7 region if it can breach a trendline he dubs the “genuine wake-up line.”

However, the most optimistic scenario in EGRAG’s latest analysis, represented by the green color, predicts a 9,468% surge. In this scenario, XRP could reach an extraordinary price of $27. 

EGRAG suggests that his projections use only half of the wick measurement from previous market cycles to avoid the influence of bias from candle formations. This approach makes for a more realistic outlook.

XRP Sees Renewed Interest

The market analyst further recalled a previous move in which he sold part of his XRP holdings when the price reached $1.85, expecting a new high. However, when XRP failed to surpass $1.96, he bought back in at $1. 

This experience taught him a lesson about timing and market volatility. This time around, he plans to take a more measured approach, selling small portions of his XRP at each key target rather than holding out for one final peak. 

Meanwhile, XRP appears to be seeing a renewal of interest. A report from The Crypto Basic yesterday highlighted a transaction volume of 50 billion XRP tokens, worth $29 billion, over the past month. 

In addition, data from CryptoQuant shows a notable resurgence in active XRP accounts. After dropping below 10,000 on Sept. 17, active accounts quickly rebounded to 10,694 the following day.

XRP Ledger Active Addresses
XRP Active Addresses | CryptoQuant

XRP currently trades for $0.5835, up 1.25% in the last 24 hours, as it fails to capitalize on the latest market uptick.

Top Analyst Outlines Strategy to Turn $1,000 in XRP into $1M

Abdulkarim Abdulwahab
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Top Analyst Outlines Strategy to Turn $1,000 in XRP into $1M

In a recent video, crypto analyst Levi Rietveld shared an intriguing strategy on how a modest $1,000 investment in XRP could lead to life-changing financial gains. 

With XRP currently priced around $0.585, the analyst predicts that the token could reach $100 per coin in the next 5 to 10 years. However, the real excitement comes from leveraging the potential of this growth to multiply returns beyond the expected 200x.

From $1000 to $1,000,000 with XRP

Rietveld explained that a $1,000 investment in XRP at today’s price of $0.585 could come close to $200,000 if the price reaches $100 per token. While this is a significant gain, the analyst emphasized that more advanced strategies could push returns even further. This allows investors to maximize their gains beyond the 200x return that the simple hold strategy would yield.

One of the primary methods outlined is leverage trading. By using leverage on an exchange, traders can multiply their returns. 

Rietveld cited an example where using 5x leverage would transform a 200x gain into a 1,000x return. This essentially turns a $1,000 investment that should ordinarily amount to $200K into $1 million. Meanwhile, higher leverage, such as 50x, could offer even more explosive returns, turning $1K into $5 million.

However, the analyst cautions against the risks of liquidation. He stressed that lower leverage (between 2x and 5x) offers a safer route to potentially significant returns.

Notably, Rietveld disclosed that he has regularly leveraged XRP price movements in recent weeks. Accordingly, he shared personal success stories from recent trades, revealing that he’s made over $10,000 in profits from short-term price fluctuations.

Passive Income through XRP Staking

In addition to leverage trading, the analyst also highlighted staking as a more conservative but effective method to boost XRP returns. He cited that staking XRP on platforms like Binance can offer up to 10% annual rewards. 

Although staking alone might seem modest, it becomes significantly more powerful if XRP’s price appreciates. For example, staking 2,000 XRP could yield $200 yearly at current prices, but if XRP hits $100, those rewards could multiply into $40,000 annually.

The Power of Dollar-Cost Averaging

For long-term investors, the analyst also recommends the time-tested dollar-cost averaging (DCA) strategy. By consistently buying XRP regardless of market conditions, investors can accumulate a substantial position over time, which could yield life-changing profits if XRP reaches its projected future highs.

Market Veteran Brandt Flags Bearish Solana Pattern with Potential $80 Target

Albert Brown
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Market Veteran Brandt Flags Bearish Solana Pattern with Potential $80 Target

Veteran analyst Peter Brandt warns of a bearish pattern that could target levels below $100.

Solana’s recent price movement has presented traders with a challenging position. SOL failed to break above the $139 level, leading to a decline in value and a brief rise at this press. Currently trading around $138, Solana shows signs of weakness, leaving investors on edge about potential further losses.

The bearish outlook is further highlighted by technical analysis, market indicators, and external factors affecting the crypto’s performance.

Further Downside Risk

Market veteran Peter Brandt has pointed out a bearish pattern forming in Solana’s price chart. Brandt highlights a large rectangular consolidation with defined support around $129 and resistance near $204.

If the current support level fails, the pattern could complete, suggesting a potential drop toward the $80 range. This would reflect downside risk based on the measured move of the rectangle.

Supporting this bearish outlook, the 8-day simple moving average (SMA) currently sits at approximately $133.58, positioned above the current price level. This indicates that Solana is facing resistance from short-term averages, reinforcing the downward momentum. 

Additionally, the Relative Strength Index (RSI) stands at 42.17, below the neutral 50 mark, underscoring bearish sentiment without reaching oversold conditions. This reading indicates prevailing selling pressure with room for further declines if selling persists.

Development Activity Sentiment Align Bearishly

Solana’s bearish momentum is also mirrored in its development activity, with the Santiments Development Activity Index showing a consistent decline since early September. This trend suggests a decrease in project-related activities within Solana’s public GitHub repository, reflecting reduced developer engagement.

SOL Development Activity / Santiment
SOL Development Activity | Santiment

The lower development activity signals waning confidence in Solana’s blockchain projects, which may further erode investor sentiment and contribute to the negative market outlook.

The bearish sentiment around Solana is compounded by ongoing sell-offs from the bankrupt FTX and Alameda group. Over the past three months, these entities have unstaked 530,000 SOL, valued at approximately $71 million, redistributing it across multiple addresses.

Notably, the recent transfer activity averaged 176,700 SOL per month, including a redemption of 177,693 SOL valued at $23.75 million. Despite these moves, FTX and Alameda still hold a substantial amount of staked Solana, with 7.06 million SOL valued at $945.7 million, potentially posing additional downward pressure on the market.

Solana Unveils Solana Seeker, the Second Version of Its Mobile Phone

Mark Brennan
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Solana Unveils Solana Seeker, the Second Version of Its Mobile Phone

Solana Mobile, a subsidiary of the Solana Lab, has unveiled the Solana Seeker, the second version of its mobile phone.

A few months after Solana Saga, the first mobile phone venture of the Solana ecosystem, saw outrageous demand, Solana Mobile unveiled the second version. Termed the Solana Seeker, the mobile developer has teased an upgraded version with better features than the maiden Saga device.

The branding and hardware features of the Solana Seeker were unveiled at the Token 2049 conference on Thursday, with the Solana Mobile confirming the latest Web3 mobile. The team confirmed that the Solana phone would launch by mid-2025.

Solana Seeks Relevance in the Mobile Device Sector After Saga Late Bailout

Following its launch in April 2023, the Saga mobile device saw underwhelming market demand. However, a late bailout came when users realized the $599 retail price was menial compared to the token rewards of acquiring the phone.

The preposterous demand for Saga, even after the device was sold out, pushed Solana Mobile to surreptitiously launch “Chapter Two,” the second version of the mobile phone, in January. Solana revealed on Thursday that it had rebranded Chapter Two to Solana Seeker, with 140,000 pre-orders already placed for the highly anticipated Web3 phone.

Solana Mobile Unveils New Seeker Features

The Solana Seeker came with new features, which were teased as a proper upgrade from the Saga device. Per report, the Seeker hardware device has better battery life, advanced cameras, and a better flagship display than Saga.

A new feature on the Seeker device is a seed vault, an in-built self-custody wallet. In collaboration with Solflare, the seed vault provides a secure means of asset management and contactless payment for users.

The Solana mobile developers also improved the Solana decentralized application (dApp) store, a major bait for the device compared to Apple and Android. The Solana dapp store allows users to build and deploy new applications on the store at a lesser cost than Apple and Android.

Solana announced it had embedded a new reward tracker and enhanced the discoverability of applications on the store.

Furthermore, the Seeker comes with a non-transferrable Genesis token. This non-fungible token gives users access to exclusive rewards throughout the Solana ecosystem. Other improved features include more permissive third-party access, and a new sensor embedded in the back of the Seeker device.

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