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The Popcat price surged 11% in the last 24 hours to trade at $0.4137 as of 6:13 a.m. EST as traders go long on the crypto.
The POPCAT price has been in a positive sequence over the past 30 days, with the recent gain pushing the crypto’s monthly performance past 196%.
Popcat Price Faces A Previously-Tested Resistance
Daily chart for POPCAT/USD (Source: GeckoTerminal)
A medium-term positive price channel has emerged after the Popcat price printed multiple higher highs and higher lows in the last 3 weeks. Now, the meme coin is looking to extend this climb and flip the resistance level at $0.4094, data from GeckoTerminal shows. Should the meme coin overcome this barrier, it might clear the room needed to rise to as high as $0.4643.
However, the $0.4094 resistance has been a tough obstacle for the Popcat price to overcome in the past few days. Should bears defend the level again in this latest attempt, the meme coin could end up dropping below the ascending trendline.
If that happens, the Popcat price might pull back to the nearest support level at $0.3470. Falling below this technical safety net could then lead to the crypto falling all the way down to $0.2861.
Technicals Suggest The Popcat Price Might Keep Climbing
From a technical standpoint, Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) on the daily chart suggest the Popcat price might continue to rise in the next few hours.
The 9 EMA is positioned above the longer 20 EMA, which usually signals a crypto is in a bullish phase. The gap between the two lines has also started to grow in recent hours, with the 9 EMA also acting as a dynamic support for the Popcat price. This adds to the short-term bullish outlook.
Meanwhile, buyers seem to have the upper hand, as suggested by the increase in RSI readings over the past few hours. The current reading above the neutral 50 mark is bullish, while the latest reading in the mid 60s indicates there is still room for the Popcat price to rise before it enters overbought territory.
As the Popcat price tries to keep its bullish move going, investors are also buying a new Solana token called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, which has over 725K subscribers, says the new crypto could soar 100X after its launch.
Solaxy To Scale The Solana Ecosystem With Proven Layer-2 Technology
Solana has become the blockchain of choice for decentralized application and meme coin developers due to its high speeds and low transaction fees. However, the network has recently become a victim of its own popularity.
A surge in new SOL token launches amid the latest meme coin hype has led to high levels of congestion on the blockchain.
If something does not change soon, Solana could suffer another outage. Users have already started experiencing delayed, and sometimes even failed, transactions during periods of peak traffic. Solaxy, the first layer-2 scaling solution for the Solana ecosystem, aims to address these issues.
Similar to how Arbitrum and Optimism operate within the Ethereum ecosystem, Solaxy will process and bundle transactions off of the Solana mainnet. It will then submit the batches of transactions to the layer-1 for final validation.
This approach to transaction processing has already been proven as a successful way to increase the overall efficiency of a blockchain.
Solaxy’s team has made significant progress in accomplishing their goal of 10,000 transactions per second for their layer-2 sidechain. Recently, they announced the launch of their testnet and the blockchain’s block explorer.
This gives them the foundation needed to turn their Solana scalability vision into a reality.
Not only will Solaxy scale the Solana network, it will also bridge the blockchain with Ethereum. By connecting two of the most prominent blockchains in the Web3 space, the project will give developers a new platform to build the next big application without having to worry about scalability restrictions.
Solaxy Presale Goes Parabolic
Solaxy is still in the presale phase, and is on track to post one of the best ICO performances of the year after raising more than $33.5 million in early-stage funding.
Interested investors can still join the presale by purchasing SOLX for $0.001716 apiece. After buying SOLX with either crypto or bank card, investors can stake their tokens for a huge 120% annual return.
Buyers that want to secure the best presale deal will want to hurry, however, because the SOLX price will increase in less than 5 hours.
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