Overview of the rise of$PNUT
Solana’s memecoin Peanut the Squirrel ($PNUT) recently made headlines when it achieved a market cap of over $1 billion following a 140.34% price increase. The surge pushed the trading price to $1.14, attracting the attention of both seasoned crypto investors and newcomers to the market.
Technical indicators show strong bullish sentiment
Technical analysis shows$PNUT is currently in a strong bullish phase. The 1-hour chart shows that the coin has broken out of a long period of consolidation, allowing momentum to build before moving higher. Multiple indicators — including moving averages and volume oscillators — suggest that buyers are in control of the market at this point.
Moving average shows steady uptrend
The 50-period simple moving average (SMA) has acted as a major support level throughout the consolidation phase, following the price and reinforcing the uptrend. Additionally, the 100-period (green) and 200-period (blue) SMAs are below the current price, reinforcing the bullish momentum.
The arrangement of these moving averages forms a classic bullish pattern: the short-term SMAs, such as the 50 and 100, are above the long-term 200-period SMA, a structure that typically signals continued strength. The data suggests that buying interest is high and there may be more room for growth.
Market sentiment and outlook
Volume fluctuations further support the strength of $PNUT’s current rally, indicating increased trading activity and reinforcing the bullish breakout. The recent surge in market activity reflects a broader trend where memecoins, fueled by community support and speculative appeal, are gaining traction in the crypto world.
Sustained interest in $$PNUT highlighting a growing trend among investors looking for high-risk, high-reward tokens alongside established cryptocurrencies. The rise of this memecoin shows that it remains an attractive asset for those looking for speculative opportunities in the crypto space.
