The newly launched meme coin “Peanut the Squirrel” on the Solana blockchain has recently become the largest gainer among the top 100 crypto assets, driven by a sharp rise.
Created in memory of Peanut, a squirrel euthanized by the New York State Department of Environmental Conservation last month, (Peanut Squirrel) faced initial selling pressure after its launch in early November.
The currency fell to a low of $0.03104 on November 4. However, PNUT quickly found its footing and joined the broader market uptrend in a rebound following Donald Trump’s victory in the just concluded U.S. presidential election.
The rally intensified on Nov. 11 as PNUT surged 256% to hit an all-time high of $0.47, with Binance confirming its listing yesterday. PNUT has gained 170% in the past 24 hours and is trading at $1.2 at the time of reporting.
PNUT 4H chart | Source: crypto.news
Amid this upward trend, PNUT entered the top 100 crypto assets and its market cap surged to over $1.2 billion.
The asset became the fastest growing memecoin, reaching a market cap of $1 billion in less than 10 days.
The four-hour chart of PNUT shows important areas located at the 23.6% Fibonacci level (~$0.7751), the 38.2% level (~$0.6439), and the 50% zone (~$0.53801). These areas will represent significant areas of support if price faces a pullback.
It is worth noting that these levels could present buying opportunities for investors if price retraces as they are typically areas of increased demand in bullish markets.
Currently, PNUT is trading near the upper Fibonacci level, indicating bullish sentiment. However, if resistance is encountered near recent highs, traders should watch for a possible retracement to the 0.382 or 0.5 Fibonacci levels as these levels could serve as healthy consolidation points before another leg higher.
The memecoin’s relative strength index is currently at 84.93, placing PNUT in overbought territory. This high reading suggests that PNUT may be overextended and a correction could be imminent, especially if trading volumes begin to decline.
However, a strong trend is likely to keep PNUT’s RSI high, which means that if buying pressure persists, PNUT could maintain its uptrend. This will require a recovery in trading volume.
