Peanut the Squirrel (PNUT) is down 30% in the past week, despite recently surpassing the $2 billion market cap.
The most popular memecoin of recent times, PNUT, surpassed the market value of $ 2 billion with the help of Elon Musk’s social media posts. Later, PNUT, which was listed on major crypto exchanges, was subjected to selling pressure. However, some metrics show that the popular memecoin could recover and rise.
Onhain data shows bullish signal
A key signal that PNUT could be on the rebound is the Weighted Sentiment data, which assesses market sentiment. Positive sentiment generally reflects bullish expectations and could support price appreciation through increased demand, while negative sentiment signals bearish expectations in the overall market.
However, very high levels in Weighted Sentiment usually trigger reversals. For example, an extremely positive sentiment may precede a price correction, while an extremely negative sentiment usually precedes a rally. According to Santiment data, PNUT’s Weighted Sentiment has fallen to its lowest level at 0.12. This development suggests that the pair may soon start to rise.
Levels that PNUT investors should pay attention to
On the 1-hour timeframe, it was observed that the trading volume on PNUT increased. However, sell-side transactions are predominant. The bulls seem to be defending $1.30 for now. If the price manages to maintain this level, the price of the popular memecoin could rise to $1.64 in the short term. If the upward movement continues, the $1.94 level can be targeted. As long as the selling pressure continues, the support level to watch is $1.26.
Stay tuned.
