PENGU, another Solana based meme coin, is exploding to the upside right now. This moonshot has been fueled by its recent addition to the South Korean exchange Upbit and the increasing buzz surrounding Solana meme coins. The rapidly expanding trading volume and NFT sales are pushing PENGU closer to the $1 billion market cap achievement magic. It is currently only $28 million away from hitting this remarkable milestone! Currently, PENGU is approaching a significant resistance mark. The big question is whether it can build on this upward momentum and market analysts are watching its moves.
The price of PENGU at time of writing was $0.014 per coin. PENGU’s rally has been buoyed by increasing excitement around Solana meme coins. If the upward momentum continues, the meme coin could soon reach the psychological resistance level at $0.021. It has battled tooth and nail to get above this ceiling since February.
From these indicators you can see that there is still a bullish momentum growing for PENGU. The Aroon Up indicator is currently skyrocketing at 92.86%, which indicates a very strong bullish trend. At the same time, the Aroon Down indicator is currently lagging at 28.57%, indicating low downward pressure. The Supertrend indicator for PENGU has flipped green, adding more weight to the bullish outlook.
Even by the new standards set by PENGU, its 24-hour trading volume almost doubled to $500 million, as investor interest spiked. Market capitalization has jumped to $972 million, drawing ever nearer to the esteemed $1 billion threshold. Transaction activity for PENGU went through the roof! Sales counts doubled to 24, an increase of 200%, while the buyer count increased by an eye-popping 320% to 21.
A recent listing on Upbit, a premier cryptocurrency exchange out of South Korea, set PENGU’s bullish price action into motion. This development proved to be an enormous catalyst for the token’s increase. Allowing all Americans greater access to this larger investor base has had a tremendous positive effect on both trading volume and market confidence. Further upside, PENGU’s likely next target would be in the $0.022 area, a significant support-turned-resistance barrier from early January.
