In the past 24 hours, the price of the PENGU token has hovered around $0.031984, with a daily increase of 3.63%.
Looking back over the past week, PENGU’s gains have reached 13.72%. Market activity also appears to be busy, with daily spot volume reaching $220.34 million.
Smart money is moving aggressively
Interestingly, on-chain analysis indicates a striking movement. Analyst Ali Martinez believes PENGU is bouncing off the bottom of its price channel and has the potential to test the upper end at around $0.044.
This opinion emerged shortly after data showed that PENGU had become the most sought-after memecoin by smart money in the past 24 hours.
Furthermore, other data reveals that a large wallet that previously sold 10,000 BTC worth $1.1 billion has now become active again, purchasing $100 million worth of PENGU.
The presence of Bitcoin whales in the memecoin ecosystem is clearly a cause for concern. Meanwhile, Pudgy Penguins on the Solana network has also achieved a similar status as the most purchased token by smart investors.
PENGU shows bullish potential if the resistance breaks
Besides whale activity, technical analysts’ perspectives also add color. Popular analyst Captain Faibik stated that PENGU appears poised for another bullish rally, although it’s not yet completely secure.
According to Faibik, the $0.0376 level is a crucial barrier. If this area is successfully broken, PENGU could potentially confirm a breakout with the next target at $0.10.
Furthermore, derivatives data provide a different picture, with the PENGU contract trading volume rising 7.87% to $959.32 million. Futures open interest has also risen by 5.90% to $338.50 million. These figures indicate increased trader participation in the token’s derivatives market.
On Binance, the long/short ratio for the PENGU/USDT pair is at 1.5661. This means that more accounts have opened long positions than short ones. However, this also indicates that the market is still awaiting confirmation of a technical breakout before moving further.