The Pudgy Penguins token has bounced back this week, soaring to its highest level since February as its NFT sales have jumped.
Pudgy Penguins (PENGU) price soared to a high of $0.010, up over 167% from its lowest level this month. This rally occurred in a high-volume environment, with the 24-hour trading volume rising by 500% to $372 million. Its market cap has also climbed to $576 million.
The rally came amid the ongoing surge among Solana meme coins. Most of these tokens have jumped, bringing their combined market cap to over $10 billion.
Data shows that Pudgy Penguins’ NFT sales are also soaring. Sales rose by 400% in the past 24 hours to $436,000, making Pudgy Penguins the fourth most popular collection after DMarket, Panini America, and Guild of Guardians Heroes.
The number of Pudgy Penguins transactions jumped by 380% to 24, while buyers increased by 400% to 15.
However, the longer-term trajectory of these sales remains weak. Sales have dropped by 11% over the past 30 days to $6.76 million. At its peak, Pudgy Penguins used to record millions of dollars in daily sales, which explains why its cumulative sales have reached $620 million.
PENGU price analysis
The four-hour chart shows that the PENGU price has been in a strong bullish trend this week, reaching a two-month high of $0.010. This level is also notable because it coincided with the 78.60% Fibonacci Retracement level.
The token remains above the key resistance level at $0.0075, its highest level on March 20 and the 50% retracement point. It has remained above the 50-period moving average.
However, the coin has become extremely overbought. The Relative Strength Index has jumped to over 80, while the Percentage Price Oscillator has surged.
Therefore, the token is likely to experience a pullback and retest the support at $0.0075, after which it could resume its bullish trend. A move above the resistance point at $0.010 would signal further gains, potentially pushing the price toward the year-to-date high of $0.0115.
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