Solana Meme Coin Pudgy Penguins (PENGU) Price Eyes for Another 50% Surge

by

As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I’ve witnessed countless market rallies and downturns. However, the recent surge of Solana meme coin Pudgy Penguins (PENGU) has left me quite intrigued. The 12% gain within a day is not something we see every day, especially when you consider that this happened in the span of just hours!

The daily trading volume surging by 60% to $1.39 billion and the open interest increasing by 20% to $222 million suggest a strong bullish momentum ahead. The Awesome Oscillator readings on the four-hour chart further support this bullish outlook.

However, as they say in the crypto world, “never underestimate the power of a market correction.” If selloffs resurgence, the PENGU token price may fall to $0.035. But let’s keep our fingers crossed and hope for the best – a rally to its all-time high of $0.55!

In terms of market cap, PENGU is already competing with the likes of BONK and ai16z. This is quite remarkable considering its launch just 15 days back. The price increase by nearly 650% within such a short time is nothing short of impressive.

As for the joke, here it goes: Why don’t we let penguins invest in crypto? Because they always flip their coins!

In the context of a robust crypto market, the meme coin Pudgy Penguins (PENGU) has experienced an impressive 12% increase, peaking at $0.40 today. This surge coincides with a bullish trend in Solana-related meme coins as PENGU, BONK, and ai16z compete for dominance. Crypto market experts predict that this breakout could potentially lead to a further rally for PENGU, aiming at its record high of $0.55, representing an additional 50% growth from the current price of $0.37.

Over the past day, the daily trade value for PENGU has dramatically increased by 60%, reaching an impressive $1.39 billion. This substantial rise in asset price and trading volume suggests that a bullish trend may persist in the future. Additionally, according to data from CoinGlass, the open interest for PENGU has grown by 20% to $222 million, indicating robust buying activity.

Moreover, the readings from the Awesome Oscillator for the Solana meme coin suggest a positive trend on its four-hour chart. Currently, the momentum indicator is displaying a green histogram bar with a reading of 0.0039.

The Awesome Oscillator measures the current market’s momentum against a long-term trend, assisting in identifying possible changes. Green bars on the histogram and positive readings suggest robust momentum and increasing optimism among buyers, as depicted in the ensuing illustration.

Source: TradingView

Will PENGU Price Rally to $0.55?

If investors keep taking advantage of buying opportunities for Sonala’s meme coin Pudgy Penguin (PENGU), it seems poised to keep climbing. With the current buying momentum, PENGU might effortlessly break through its resistance at $0.039, aiming for $0.044 next. A successful breach could potentially drive PENGU back towards reaching its previous peak of $0.055.

Courtesy: TradingView

If the market sees another wave of selling (selloffs), the current optimistic perspective might not hold true. Under these circumstances, the price of PENGU token could potentially drop down to $0.035.

As a researcher, I’ve been closely observing the dynamic behavior of PENGU over the past week. It’s displayed significant volatility, but interestingly, it’s also witnessed substantial whale accumulation. With a market cap surpassing $2.5 billion, it finds itself in the elite group of Solana’s meme coins, sharing the limelight with heavyweights like BONK and ai16z. This is quite remarkable given that it was only launched 15 days ago. In such a short span, the PENGU price has skyrocketed by almost 650%.

Read More

2025-01-02 17:21