- PENGU is technically well-positioned for another phase in an upward movement.
- A crypto analyst thinks PENGU will surge to a $0.1 target soon.
- Community engagement is fundamental to PENGU’s growth.
A bullish technical pattern is taking shape for Pudgy Penguins (PENGU), and analysts are pointing to it as a sign the token is ready for its next major move.
In a post on X, crypto analyst Ali Martinez highlighted the formation of a bullish flag pattern PENGU/USD perpetual contract 4-hour chart.
A bullish flag signals a potential repeat of history
Martinez’s presentation showed that the meme coin has tested the upper limit of the flag formation, which represents a downward trendline, multiple times. However, he predicted that the cryptocurrency’s momentum suggests a potential break above this level, and a continuation of the rally until PENGU reaches its next target of $0.1.
Related: ONDO, LINK, ZORA, PENGU: Why This Analyst’ Chose These 4 Altcoins for 2025 Rally
Data from TradingView shows that PENGU traded at $0.31 at the time of writing, reflecting a 32% retracement from the $0.046 all-time high that it achieved about one month ago. The recent pullback happened after PENGU rallied nearly 500% within one month. Incidentally, that rally was preceded by a bullish flag formation, similar to Martinez’s latest highlight. Hence, the analyst projects a potential repeat of the cryptocurrency’s most recent performance.
A strong community is behind PENGU’s growth
Although a meme coin that many analysts consider does not have utility, PENGU’s community engagement has been impressive and forms the foundation of its increasing adoption. The project has evolved into physical items such as cute penguins with real-world merchandise, like toys in Walmart.
The Solana meme coin has boosted awareness and adoption through diversification, which involves rewarding holders through staking and other community perks. Its growing status is reflected by a skyrocketing interest among netizens, with a viral explosion of over 91 billion views, outpacing the popular Japanese media franchise, Pokémon.
Related: Top 5 Crypto Gainers: PENGU, ALGO, MNT, ENT & CFX Set to Keep Pumping?
In another notable development, the Pudgy Penguins NFT broke another milestone, with the Penguins NFT sales reaching a remarkable $9.65 million last week, flipping Bored Ape Yacht Club (BAYC) in volume. Pudgy Penguins is fast advancing in status, closing in on the blue-chip assets with an NFT floor price of 10.53 ETH on OpenSea at the time of writing.
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