The Solana-based memecoin Pudgy Penguins (PENGU) surged over 12% in the last 24 hours, reaching a critical resistance level. Trading volume spiked 170%, indicating strong market interest. Analysis of derivatives and wallet data suggests traders and investors are accumulating and betting on further gains, setting the stage for a potential breakout that could lead to significant upside movement.
The popular Solana-based memecoin Pudgy Penguins (PENGU) experienced a 12.13% price increase, trading at $0.0081 at press time. Over the same period, its trading volume surged by 170%, a signal of heightened participation from traders and investors. When analyzing data from the derivatives tool Coinglass and the analytics platform Nansen, it appears both groups are reinforcing the current trend.
The Exchange Liquidation Map showed intraday traders had built $3.11 million in long-leveraged positions, suggesting bullish sentiment. Fresh wallets recorded inflows of $327K, double the average, and whales increased their holdings by 881.89 million tokens, equivalent to 3.90%. According to technical analysis, PENGU is facing a key resistance at $0.00815, a level it has failed to break multiple times since February.
A daily close above $0.0085 could open the path for a 22% price jump toward $0.0104. However, the Average Directional Index (ADX), which stood at 20.11, indicated weak directional momentum below the key threshold of 25. In a post on X, one expert shared a chart suggesting a breakout from a prolonged descending trendline and “expecting a +250% bullish rally.”
These factors collectively point to significant upside potential for PENGU in the coming days. Such movement would only be possible if the memecoin successfully clears the hurdle of $0.00815.
