Popcat (POPCAT), the popular cat-themed Solana-based memecoin, hit a new all-time high of $1.69 on Tuesday. The asset is currently the best-performing cryptocurrency among the top 100 projects by market cap, outperforming mainstream coins such as Bitcoin (BTC), Ethereum (ETH), etc.

The memecoin is up by 14.1% in the daily charts, 23.7% in the weekly charts, 23.2% in the 14-day charts, and 80.5% over the previous month.

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Why Is Popcat Rallying?

The Solana-based meme coin’s latest rally comes amid Bitcoin’s (BTC) climb to $71,000, a level last seen in June of this year. BTC is only 3.5% away from its all-time high of $73,737. We may be entering another bullish phase for the cryptocurrency market.

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Other SOL-based meme coins, such as Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK), etc., have also broken into rallies in the last 24 hours.

The US Presidential election is also right around the corner. Investors may be taking positions based on who they think might win. Given his pro-crypto stance, many analysts anticipate a market rally if Donald Trump takes power. The SOL-based memecoin may rally due to a positive investor sentiment around the upcoming election.

Can The Solana-Based Memecoin Hit $2 Next?

According to the analysts at CoinCodex, POPCAT will continue its rally over the next few weeks. The platform anticipates the Solana-based memecoin to breach the $2 mark in early November, hitting $2.06 on Nov. 2, 2024. Hitting $2.06 from current price levels will translate to a rally of about 24%.

The platform anticipates POPCAT eventually breaching the $5 mark next month, hitting $5.83 on Nov. 26, 2024. Reaching $5.83 from current price levels will entail a rally of about 251.2%.

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There is a possibility that the SOL-based memecoin will face a correction in the next few days if the positive market environment does not persist. The asset’s performance over the next few days is yet to be seen.