$PENGU Overtakes BONK and Becomes Solana’s Top Memecoin Player, Pudgy Penguins (PENGU) price has surged 12% over the past 24 hours, overtaking BONK to become the largest memecoin in the Solana ecosystem with a market cap of roughly $2.5 billion.
PENGU’s current uptrend positions it near key resistance levels, with the potential for significant gains if the bullish momentum persists. However, traders are also wary of a potential reversal as the uptrend is showing early signs of losing steam.
The Relative Strength Index (RSI) is currently at 60.2, down from 70 just hours ago after rising from below 50 just two days ago. This recent move reflects a strong increase in buying momentum. This was followed by a slight pullback as the token exited the overbought zone.
Although the RSI remains in a neutral to bullish range, the decline suggests a cooling of buying activity, which could indicate that the market is entering a consolidation phase.