$PNUT surged 140.34%, boosting its market cap above $1 billion and trading at $1.14.
The 50-period SMA acted as key support, aiding the breakout.
Bullish momentum confirmed by aligned SMAs and strong volume indicators.
Solana’s popular memecoin, Peanut the Squirrel ($PNUT), recently saw its market capitalization climb above the $1 billion mark. This significant achievement came as the coin’s value surged by 140.34%, bringing its trading price to $1.14. The rapid growth caught the attention of both seasoned investors and market newcomers.
https://twitter.com/CoinEdition/status/1856623548871090491 Technical Indicators Point to Strong Bullish Momentum
Notably, analysts have noted several key indicators that suggest a strong bullish sentiment. The 1-hour chart shows that $PNUT experienced a powerful breakout after a period of prolonged consolidation.
Consequently, this phase allowed the market to gather strength before the recent price surge. Multiple technical indicators, including moving averages and volume oscillators, confirm the change in market direction. These indicators show that buyers are currently dominating trading activity.
Moving Averages Support Ongoing Uptrend
More so, the analysis highlights the role of the 50-period simple moving average (SMA), which has provided dynamic support throughout the consolidation phase. This moving average stayed close to the price, reinforcing its importance as a support level. The 100-period SMA (green) and 200-period SMA (blue) sit below the current trading price, which signals a strong upward trend.
Furthermore, the alignment of the moving averages reflects a classic bullish formation. The shorter-period SMAs, including the 50 and 100, position themselves above the longer-period 200 SMA. This configuration typically indicates ongoing momentum and a solid trend direction. The data points to sustained interest from buyers and hints that further growth could follow.
Market Sentiment and Outlook
In addition, the volume oscillators have also shown an uptick, reinforcing the strength of the current rally. These indicators highlight increased buying pressure and suggest that the breakout has strong backing. The surge in market activity aligns with rising enthusiasm for memecoins, as investors look for opportunities beyond established cryptocurrencies.
Therefore, the continuous interest in $PNUT reflects a broader trend in the crypto market, where tokens driven by community sentiment gain significant traction. The recent surge supports the view that the coin remains an appealing asset for speculative traders seeking high-risk, high-reward investments.
The post Solana’s Memecoin ‘Peanut the Squirrel’ Surpasses $1B Market Cap Amid Price Surge appeared first on Crypto News Land.
