- PENGU consolidates within an ascending triangle, signaling a potential bullish breakout.
- On-chain data shows heavy accumulation as over 1 billion tokens leave exchanges.
- Holding above $0.024 could trigger a breakout toward the $0.034 resistance zone.
Pudgy Penguins — PENGU, traders are keeping a close eye on an exciting setup. The token has held firm above key support, showing renewed buyer confidence after a quiet stretch. Recent market activity suggests a possible breakout is brewing as accumulation builds near $0.024. With volume climbing and bullish momentum growing, PENGU could be preparing for a strong move toward the $0.034 target.
Ascending Triangle Points to Renewed Strength
PENGU’s price action continues to tighten within an ascending triangle, a pattern often seen before upward moves. Buyers have defended the lower boundary, creating higher lows while pressing against the $0.026 resistance. A clean break above that level could trigger a fresh impulse, with projections pointing toward $0.035. Volume data supports this bullish setup. Trading activity has increased during each retest of the lower trendline, showing that market participants are stepping in early.
The steady rise in buy-side volume adds confidence that accumulation is genuine rather than speculative. Momentum indicators also align with this view. Recent candles have closed above short-term exponential moving averages, signaling that buyers remain in control. Market analyst Ali Martinez emphasizes that holding above $0.024 is crucial for maintaining this structure. A daily close above $0.026 would likely confirm the next leg higher, signaling renewed strength across the market.
On-Chain Data and Sentiment Back the Bullish Case
Beyond technicals, on-chain behavior reveals clear signs of accumulation. Data from The Solana Post shows that more than one billion PENGU tokens have left exchanges over three days. That represents roughly one percent of the total supply. Such withdrawals often indicate growing confidence among long-term holders, as they prefer to store tokens off exchanges rather than sell them.
Exchange outflows have reduced immediate selling pressure, creating a more favorable supply dynamic. As tokens move to self-custody, the chance of a sustainable recovery increases. Large holders appear to be positioning for a breakout rather than short-term profit-taking.Market sentiment has also shifted in favor of buyers.
Community activity around Pudgy Penguins has become more optimistic, and traders continue to absorb dips near $0.024. Order book data shows strong depth on the buy side, with participants defending key zones aggressively.The $0.026 resistance remains the next major test. If buyers manage to clear this level, momentum could carry prices toward the $0.030 to $0.035 range.
PENGU’s structure remains constructive as long as the $0.0235 to $0.024 support range holds. The pattern of higher lows and tightening price action suggests that pressure is building for a breakout. A confirmed daily close above $0.026 would likely open the door to the next bullish wave, targeting $0.034 and beyond.
