PENGU Token Surges 300% in 30 Days – Is This Memecoin Rally Sustainable?

Another day, another memecoin defying gravity. PENGU—the latest ’utility-free’ token to capture degenerate trader attention—has ripped past its previous all-time high, leaving even seasoned crypto vets scrambling for charts.

Behind the pump: A mix of influencer shilling, exchange listings, and that timeless crypto narrative—’number go up.’ But with 72-hour trading volumes spiking 400%, the real question isn’t why it mooned... but who’s left holding the bag when the music stops.

Pro tip: If your ’fundamental analysis’ consists of a penguin mascot wearing sunglasses, maybe reconsider your risk management. The zero-sum game of memecoin casinos waits for no one.

PENGU Shows Signs of Recovering, But It May Struggle to Get Back to $0.01700

PENGU’s hourly chart shows that the token faced significant selling pressure once it got to $0.01700. In two occasions, the meme coin experienced a strong retreat off this level and a double top has now formed as a result.

The price action shows that PENGU broke its bullish structure with a big red candle after the American session ended yesterday. Just hours later, the 21-period exponential moving average (EMA) crossed below the 50-period EMA and confirmed a bearish short-term outlook for the token.

The price has now broken below the 200-period EMA but touched a key support. This is an area where buyers have shown up to scoop up PENGU two times already. The result in both instances was a rally toward the $0.01700 resistance.

It will depend on how much liquidity is left at this support area and how committed buyers are to keep pushing PENGU higher.

A break of structure has already occurred on the opposite side and the price has jumped above the 21-period EMA already. If it keeps surging and rises above the 50-period EMA, this WOULD confirm a bullish short-term outlook for PENGU.

As for how high the price may go this time, it will take significant liquidity and momentum to push PENGU back to the $0.01700, but it may be the last retest that the market needs to determine if it will finally break it to push this meme coin to at least $0.02000.

As Solana meme coins keep attracting investors and speculators, the network needs the strongest architecture to be able to deal with these higher transaction volumes.

Solaxy (SOLX) is one of the hottest crypto presales of the year as it solves Solana’s congestion issues through a layer-two scaling solution.

Solaxy (SOLX) Enters Last Days of Its Presale With $36M Raised – Don’t Miss Out

Solaxy (SOLX) alleviates the congestion that the Solana mainnet typically experiences when volumes get out of hand.

It accomplishes this through a side chain that bundles transactions offline before sending them to the LAYER one.

The developing team has made some encouraging progress in testing and deploying the L2. Recently, they launched a block explorer for the Solaxy testnet so investors can check in real time how the solution is performing.

They have collaborated with top blockchain companies like Sovereign Labs and Hyperlane to expedite the development of Solaxy.

$SOLX, the L2’s utility token, will experience significant demand once wallets and exchanges start to adopt Solaxy. In addition,

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