Pudgy Penguins (PENGU) Price Prediction: A Further 29.7% Upside?

Pudgy Penguins (PENGU) price has surged 12% in the last 24 hours, surpassing BONK to become the largest meme coin in the Solana ecosystem with a market cap of approximately $2.5 billion.

The price of Pudgy Penguins (PENGU) has surged 12% in the last 24 hours to reach $0.37. This puts PENGU ahead of BONK to become the largest meme coin in the Solana ecosystem, with a market cap of approximately $2.5 billion.

PENGU price has enjoyed a strong uptrend since December 21, when it was trading at around $0.26. The token’s price surged over 36% in the last seven days alone, making it one of the best performers in the meme coin segment.

The recent surge in PENGU price can be attributed to several factors, including the overall bullishness in the crypto market, increased NFT sales volume and minting activity, and rising interest in meme coins among retail traders.

PENGU, being the most popular meme coin on Solana, has naturally benefited from this attention. Moreover, the upcoming launch of the Penguins metaverse project has also fueled anticipation and demand for the token.

As PENGU price approaches key resistance levels, traders are keeping a close eye on the technical indicators to gauge the strength of the uptrend and anticipate possible price movements.

PENGU RSI Is Now Neutral, After Touching 70

The Relative Strength Index (RSI) for PENGU is currently at 60.2, indicating a neutral-to-bullish momentum. This marks a significant decline from RSI levels of 70 just a few hours ago and highlights a cooling in buying activity.

The RSI measures the speed and magnitude of price movements on a scale of 0 to 100. An RSI above 70 is considered overbought, often leading to a price correction, while an RSI below 30 is oversold, signaling a potential rebound.

With PENGU’s RSI at 60.2, the coin is still in a healthy range, suggesting there is still room for upward movement if buyers reassert control. However, the recent decline from overbought levels implies that PENGU price may stabilize in the short term, allowing the market to absorb gains before deciding its next direction.

PENGU CMF Is Still Very Positive

The Chaikin Money Flow (CMF) for PENGU is currently at 0.17, down slightly from its peak of 0.21 on December 25. This follows a significant shift from negative CMF values between December 21 and December 23, indicating that buying pressure has strengthened considerably over the past few days.

While the CMF remains firmly positive, the slight decline suggests that the intensity of capital inflows has eased but still reflects a bullish market environment.

CMF is a volume-weighted indicator that measures the accumulation or distribution of an asset over time, with values ranging from -1 to +1. Positive CMF values indicate accumulation and strong buying pressure, while negative values signal distribution and selling activity.

With PENGU’s CMF at 0.17, the ongoing positive inflow suggests that buyers are maintaining control, supporting the likelihood of price stability or further gains in the short term. However, the slight drop from the recent peak could signal a possible consolidation period as the market balances the recent upward momentum.

PENGU Price Prediction: A Further 29.7% Upside?

If the current uptrend continues, we can expect PENGU price to soon test $0.43, a key level that may pave the way for further gains.

Breaking this resistance could see PENGU rise to $0.45 and even $0.50, marking a potential 29.7% upside from current levels. This would consolidate PENGU’s position as the biggest meme coin on Solana even more.

However, as highlighted by RSI and CMF, the uptrend could be losing strength, suggesting the possibility of a reversal. If this occurs, PENGU could test the $0.37 support level, and if that fails to hold, the price might drop further to $0.30.

In a worst-case scenario, a prolonged downtrend could push PENGU price as low as $0.229.