Solana Memecoin Market Sees PENGU Overtake WIF

• PENGU’s robust restoration and volatility point out rising investor curiosity in Solana.
• Solana DEX buying and selling quantity exceeds $100 billion for the second month, boosting confidence.
• WIF is exhibiting a gradual restoration, whereas $PENGU’s momentum factors to additional upside potential.

The Solana ecosystem is exhibiting notable shifts within the memecoin market, with PENGU overtaking WIF in market capitalization. This improve is accompanied by robust DEX buying and selling, which exceeded $100 billion in quantity for the second month in a row.

Memecoins like PENGU and WIF are main the way in which, highlighting the rising enchantment of Solana-based tokens. $PENGU’s robust restoration and elevated buying and selling quantity point out a shift in investor sentiment.

PENGU vs WIF: Comparability of Market Tendencies

PENGU and WIF have seen notable worth actions over the previous week, with PENGU being the extra unstable however resilient token. Initially, each tokens have been equal. Nonetheless, PENGU noticed a pointy decline mid-week and dipped under the value of WIF.

Nonetheless, PENGU made a powerful restoration in the direction of the tip of the week and closed near its beginning worth. WIF, however, lagged behind and struggled to regain momentum. This worth motion underlines PENGU’s stronger restoration potential and attracts merchants.

PENGU exhibits bullish momentum – key ranges to observe

PENGU has seen a major bullish transfer, from round $0.020 to the present worth of $0.037. This upward momentum is accompanied by elevated buying and selling quantity, indicating robust consumers. At the moment, $PENGU is buying and selling at $0.03707, reflecting a achieve of 4.43% within the final 24 hours.

Nonetheless, the Relative Power Index (RSI) stands at 61.53, indicating that the token could also be approaching an overbought state of affairs. If the RSI rises above 70, resistance might develop, probably halting the uptrend. The Shifting Common Convergence Divergence (MACD) additionally confirms the bullish development and exhibits a optimistic crossover with rising histogram bars.

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This technical indicator additional helps the concept that PENGU may proceed its upward trajectory quickly. Buyers ought to preserve an in depth eye on the important thing assist ranges at USD 0.030 and USD 0.025. These zones have beforehand held robust during times of consolidation. Resistance ranges at USD 0.038 and USD 0.040 are essential to keep watch over. A breakout above these ranges may push $PENGU to even greater costs.

The gradual restoration and upside potential of WIF

Alternatively, WIF is at the moment experiencing a slower restoration. After peaking close to $3.50, the value has fallen and is consolidating across the $2.00 zone. Regardless of this, $WIF is up 5.49% over the previous 24 hours, hitting $2.0740.

The RSI for WIF stands at 52.56, indicating mildly bullish momentum. The MACD can also be exhibiting a bullish crossover, suggesting that $WIF may rise additional if the present development continues.

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Assist ranges for WIF are at USD 2.00 and USD 1.80, which beforehand held throughout pullbacks. Resistance is predicted round $2.20-$2.30, close to earlier native highs, and $2.50, a degree the place promoting stress may improve. A big resistance zone is round $3.00, the place a serious downtrend reversal may happen.