The price of PENGU, a meme coin on Solana, has surged over 9% in the past 24 hours, bringing its market cap back above $2 billion. This strengthens its position as the second-largest meme coin on the platform, closely behind BONK. Technical indicators like the ADX and RSI suggest that the current trend for PENGU is still uncertain and lacks a strong directional movement. While PENGU attempts to form an uptrend, the ADX indicates that it lacks sufficient support to establish a sustained trend. The RSI, on the other hand, indicates a recovery from oversold conditions and suggests a shift in market sentiment. PENGU's price is currently trading within a range, with support at $0.031 and resistance at $0.034. If the uptrend continues, PENGU could break above the resistance levels and intensify the competition with BONK. However, if the uptrend fails, the price could decline to $0.029 or even lower.



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