Pudgy Penguins (PENGU), a Solana meme coin, has surged by 12%, reaching $0.40, fueled by a strong bullish trend in the broader crypto market.
Amid a strong crypto market rally, Solana meme coin Pudgy Penguins PENGU $0.00510 24h volatility: 1.2% Market cap: $320.28 M Vol. 24h: $31.33 M has witnessed a massive surge gaining 12% and surging all the way to $0.40 earlier today. This comes amid a strong bullish uptrend in Solana meme coins as PENGU, BONK BONK $0.000013 24h volatility: 1.1% Market cap: $975.12 M Vol. 24h: $81.95 M , and ai16z fight for the top spot today. Crypto market analysts believe that the recent breakout could set the stage for a PENGU price rally to its all-time high of $0.55 with another 50% gains from the current price of $0.37.
In the last 24 hours, the daily trading volume for PENGU has surged by a massive 60% to $1.39 billion. Thus, the surge in asset price supported by strong trading volume hints at the continuation of a bullish momentum ahead. Furthermore, as per the CoinGlass data, the PENGU open interest has surged 20% all the way to $222 million hinting at strong buying interest.
Furthermore, the Awesome Oscillator readings for the Solana meme coin support a bullish outlook on the four-hour chart. At the time of writing, the momentum indicator shows a green histogram bar with a value of 0.0039.
The Awesome Oscillator compares the current market momentum to a longer-term trend, helping to spot potential shifts. Green histogram bars and positive values indicate strong momentum and growing bullish sentiment, as shown in the below image.
Source: TradingView
Will PENGU Price Rally to $0.55?
Sonala meme coin Pudgy Penguin (PENGU) is likely to maintain its upward trajectory if market participants continue seizing the buying opportunity to accumulate the altcoin. Amid the ongoing buying pressure, PENGU could easily surge past the resistance of $0.039, targeting its next stop to $0.044. A successful breakout from here could further push PENGU towards revisiting its all-time high of $0.055.
Courtesy: TradingView
Conversely, if the market experiences a resurgence of selloffs, this bullish outlook could be invalidated. In such a case, the PENGU token price may fall to $0.035.
The PENGU price has experienced strong volatility over the past week along with strong whale accumulation. With a market cap of over $2.5 billion, it also ranks among the top three Solana meme coins, competing with the likes of BONK and ai16z. This is a staggering milestone considering its launch just 15 days back. Within a very short time period, the PENGU price is already up by nearly 650%.
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