Pudgy Penguins (PENGU) Price Surges 12% Amid Strong Market Rally
Amid a strong crypto market rally, Solana meme coin Pudgy Penguins #PENGU has surged by 12%, reaching $0.40 today. This increase aligns with a bullish trend in Solana meme coins, as PENGU, BONK #BONK, and ai16z compete for dominance. Analysts suggest that this breakout could lead to a price rally towards its all-time high of $0.55, representing a potential 50% gain from the current price of $0.37.
In the last 24 hours, trading volume for PENGU increased by 60% to $1.39 billion. This rise in asset price, coupled with strong trading volume, indicates possible continuation of bullish momentum. According to CoinGlass data, PENGU's open interest rose 20% to $222 million, reflecting strong buying interest.
The Awesome Oscillator readings for PENGU also support a bullish outlook on the four-hour chart, currently showing a green histogram bar valued at 0.0039.
The Awesome Oscillator compares market momentum to longer-term trends, helping identify potential shifts. Green histogram bars and positive values signify strong momentum and increasing bullish sentiment, as illustrated below:
Source: TradingView
Will PENGU Price Rally to $0.55?
Pudgy Penguin (PENGU) is likely to maintain its upward trajectory if market participants continue to buy the altcoin. With ongoing buying pressure, PENGU may surpass the resistance at $0.039, targeting $0.044 next. A successful breakout could push PENGU towards its all-time high of $0.055.
Courtesy: TradingView
If the market experiences selloffs, this bullish outlook may be invalidated, potentially lowering PENGU's price to $0.035.
The PENGU price has shown significant volatility over the past week alongside notable whale accumulation. With a market cap exceeding $2.5 billion, it ranks among the top three Solana meme coins, alongside BONK and ai16z. This achievement is significant given its launch occurred just 15 days ago, with the PENGU price up nearly 650% in a short timeframe.