Yet another Solana-based meme coin, PENGU, is shooting to the moon. This explosion is attributed to its recent listing on the South Korean exchange Upbit and increasing popularity of Solana-based meme coins. The red hot cryptocurrency is now trading at $0.014 each. Its market cap, at $972 million currently, is about to cross the $1 billion barrier. PENGU’s 24-hour trading volume has more than doubled to $500 million, showing how hot the market is right now.
Technical indicators are increasingly positive, with PENGU trending upward since the July lows. The Aroon Up indicator is very bullish at 92.86%. At the same time, the Aroon Down indicator continues at a minimal 28.57%, indicating strong control by buyers. The next upside target for PENGU is about $0.022, a significant support-turned-resistance level from the first half of January.
Upbit, a tier-1 South Korea-based crypto exchange, has recently listed PENGU on its spot trading platform. This listing added much-needed accessibility and liquidity for the popular meme coin, playing a role in the price of the coin skyrocketing in recent days. That rally has been powered further by the growing hype surrounding Solana meme coins. Over the past 24 hours, this whole sector has increased by 28.7% in market cap, now surpassing $12.1 billion.
PENGU is already aiming for the next major resistance level, the psychological resistance level at $0.021. Should PENGU manage to break above this level, it might be able to rally towards the $0.022 resistance level. After all, the meme coin is just $28 million away from reaching a $1 billion market cap.
