POPCAT is popping + updates on BTC, ETH, SOL, and WIF

While Ethereum has been the weaker link recently, struggling for volume amid the alt surge, the real fireworks may come from red-hot Solana. SOL has been trouncing ETH's performance, clearing key hurdles and looking primed to lead the altcoin charge higher.

But the meme stocks are where the wild volatility is happening. WIF has cemented itself as this cycle's top dog, showing signs of strength that could invalidate its bearish pattern and spark a face-melting rally to new all-time highs.

For cat lovers, we take a peep into POPCAT's corner of the cryptoverse. We are impressed with its swift recovery from a minor deviation below support. 

Read on for a full breakdown and analysis to prepare your mind, assets, and wallets for the coming fireworks!

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.

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BTC

• Funding rates are negative, whilst open interest is up a tad, still 20% below its most recent high. This suggests that the recent leverage that has gone on is a short bias, which opens the door to a short squeeze, which may help push the BTC price higher.
• Price remains in the top half of the bull flag, having bounced perfectly from the Yellow Buy Box and comfortably clearing above the $63,400 local horizontal resistance.
• The upper border of the bull flag and the horizontal resistance at $68,900 are likely to act as relatively strong resistance for price here. A breakout above this level would likely start a more significant breakout that could send price to $80k.

Cryptonary's take 

Whilst Bitcoin remains in the bull flag, it remains range-bound between the two price levels of $60k and $69k, with the $63k level acting as support for price if we go slightly lower. We expect a Bitcoin breakout to the upside of the bull flag at some point. When that is, it is hard to say. 

On the downside, we expect the $63k level to hold as support, with the more major support between $59k and $60k, although we think $63k will be enough support in the short term. 

Ultimately, we remain sat on our hands and expect a more extreme move for price once the bull flag breaks down or breaks out. 

We expect a breakout to the upside where Bitcoin could reach $80k. We think this move will happen sometime between now and the end of May.

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ETH

• ETH's Funding Rate is positive, indicating a bias toward Long positions with less short interest. Open interest is still down 25% from its most recent highs. We've seen a leverage flush-out with little propensity from traders to pile back in. This is a much healthier setup from a mechanics perspective.
• Price is beginning to make a move up from the Yellow Buy Box, although the $3,300 may be a local resistance area for price.
• The major resistance to the upside is $3,525. Once/if price gets back above that level, ETH could potentially attempt a breakout of its cycle highs of $4,100.
• $2,900 should now be the new major horizontal support level.

Cryptonary's take

Regarding the other majors (BTC and SOL), ETH looks the weakest. It seems to struggle for volume. We think ETH will have its day in this bull market, although we remain underweight on ETH and more overweight on SOL, as we believe SOL will see outperformance. 

We continue to hold Spot ETH, but we're not looking to add heavily to our bags. The opportunity to add to Spot bags was at $2,900-$3,000 (the Yellow Box); although we didn't add heavily, we looked to other plays (such as SOL) to do the heavy padding. 

We see ETH remaining in the range-bound range between $3,000 and $3,525 over the next few weeks. We're remaining patient with Spot bags and sitting on them for now.

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SOL

• SOL's Open Interest is up slightly but still significantly below the local highs, while the Funding Rate is close to flat/even. This means that a small amount of leverage has been put on following the flush out and its Short bias. Although leverage is low, positioning is relatively balanced, so overall, this is a much healthier leverage setup compared to what we saw a few weeks back.
• Having put in the bull div close to oversold territory on the Daily timeframe, SOL has managed a really nice bounce so far. It is up 25% from the local low. Compare this to ETH, which is up 12% from its major low. SOL is the play.
• What we were looking for was if SOL was in a bear flag here. Fortunately, it's broken above two key levels: the 50% line of the bear flag, taking price into the top half and also the horizontal resistance of $151.
• The next major horizontal resistance will likely be $170.

Cryptonary's take

We're bullish on SOL in the mid- and long-term. However, price action in the short term is difficult to call. 

We'll likely see price stay between $150 and $170, and you'd hope $150 can be sufficient support, although this may extend to $143. 

For now, we'll continue to sit on our hands and let price remain range-bound for a while. We'd consider adding to our SOL bags under $143, but this would also invalidate our short-term thesis, so we would have to re-evaluate the situation at the time. But we're super bullish long-term, so we're just holding and letting this play out here.

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WIF

• It is certainly a tad worrying of a chart in that it looks like a bear flag formation in the short term and a Head & Shoulders pattern mid-term.
• What would invalidate the above is a move into the top half of the bear flag. So, this would be price getting above the 50% line and then breaking back above $3.42.
• WIF did bounce perfectly from the Yellow Buy Box between $2.04 and $2.33, so that's a sign of strength in the short term.

Cryptonary's take

We strongly believe that WIF has cemented itself as the major meme of this cycle. If the market can hold up in the short term, WIF can break above $3.42 and invalidate the bear flag and the head-and-shoulders pattern. If WIF cements itself above $3.42, its short—and mid-term target will be its all-time highs.

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POPCAT

• We are going to keep this super simple here. POPCAT was in a huge range between $0.16 and $0.40, somewhat similar to WIF.
• We've had a deviation below the major support of $0.16, and price has quickly recovered and moved straight back up to $0.40.
• Price is now forming a hammer candle breaking above the horizontal level of $0.40. If price can close a strong Daily candle today above $0.40, this will be super positive for price.
• When WIF broke out, it shot past $0.40 and went to $1.20 in four days, and three days after that, it was $1.80. However, just because it's similar doesn't mean that will happen for POPCAT.

Cryptonary's take

POPCAT has had a phenomenal price action over the last week, and you'd be petrified to sell this here as it feels like it's on the cusp of a major breakout. 

However, we can also note that a small correction may be possible. 

Ultimately, we see that the best course of action is to keep holding Spot bags and observe how they perform. 

Our targets for POPCAT are $1 in the short and medium term, and our long-term targets are much higher.