Peanut the Squirrel (PNUT), a meme-inspired Solana-based cryptocurrency, has been on a downtrend but technical analysis suggests it could find support and bounce back. The daily chart shows a clear downtrend with key resistance at 1.58 USDT and key support near 0.55 USDT. The 0.55 USDT support level has acted as a defense point, indicating potential for a rebound. However, the 4-hour chart and key indicators indicate bearish sentiment with all major exponential moving averages pointing down and the MACD indicator negative. The RSI is approaching oversold levels, suggesting a short-term bounce may be possible. Analysts note that a bullish breakout above 0.79 USDT could push PNUT towards higher targets, while falling below the critical support level of 0.55 USDT could intensify the bearish trend. Despite the bearish phase, PNUT's strong community engagement and unique branding may help it recover in the future. Investors are advised to watch key support levels and wait for clear breakout signals before buying.



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