The price of Pudgy Penguins (PENGU) has dropped more than 9% in the past 24 hours, losing its position as the biggest meme coin on Solana to BONK and ai16z. This decline is attributed to cooling momentum, as shown by technical indicators like the Relative Strength Index (RSI) and Directional Movement Index (DMI). The RSI currently sits at 45.9, indicating a decrease in buying pressure and a cooling off of recent upward momentum. The DMI shows a moderately strong trend but a reduction in buying pressure and an increase in selling pressure. This suggests that bearish momentum may be gaining traction in the short term. Additionally, there is a possibility of a death cross forming soon, which would reinforce the current downtrend. If the trend reverses, PENGU price could retest resistance levels and potentially claim the top spot among Solana meme coins.



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