Is the rise of 29 in POPCAT open contracts indicative of increased bullish sentiment

Coinworld.com reports:
The leverage ratio for traders is high, with a low of $1.597 and a high of $1.663.
The long/short ratio for POPCAT is 1.045, indicating a strong bullish sentiment among traders.
Popular
Solana [SOL]
– Meme-based coin
Popcat
has made waves in the cryptocurrency space with its impressive performance.
On October 24th, while major cryptocurrencies like
Bitcoin [BTC]
,
Ethereum [ETH]
, and
Binance Coin [BNB]
were struggling to gain momentum, memecoins saw significant gains.
Current price trend of POPCAT;
At the time of writing, POPCAT experienced a price surge of over 18% in the past 24 hours, with the trading price approaching $1.644.
During this period, its trading volume increased by 23%, indicating increased participation from traders and investors compared to the previous day.
The potential reasons for this rebound are recent integrations of Solana and the growing popularity of meme tokens based on Solana.
Technical analysis and key levels;
According to technical analysis by AMBCrypto, POPCAT appears to be bullish as it has broken out of a strong consolidation zone between $1.13 and $1.54, shifting market sentiment from a downward trend to an upward trend.
Following this breakout, the memecoin is likely to reach new highs in the coming days.
Bullish on-chain indicators;
The bullish prospects of POPCAT are further supported by on-chain indicators. According to data from on-chain analytics firm CoinGlass, at the time of writing, the long/short ratio for POPCAT is 1.045, indicating strong bullish sentiment among traders.
Additionally, its open interest (OI) has surged by 29% in the past 24 hours and 8.6% in the past 4 hours.
This indicates growing interest from traders and investors, with positions increasing compared to the previous few days.
At the time of writing, 53.2% of top traders hold long positions, while 48.8% hold short positions.
Traders and investors often consider this rising open interest and a long/short ratio above 1 when establishing long positions.
Major liquidation levels;
According to CoinGlass, the major liquidation levels are currently low, nearing $1.597, and high, indicating excessive leverage by traders at these levels.
If market sentiment remains unchanged and the price surges to the level of $1.663, short positions worth nearly $1.27 million will be liquidated.
Read
Price predictions for Popcat [Popcat]
2024-2025
On the other hand, if sentiment changes and the price drops to the level of $1.597, approximately $2.16 million will be liquidated.
This liquidation data indicates that bulls currently dominate this asset and may continue to support a sustained bullish trend.