๐ฃ๐๐ก๐๐จ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ ๐ฆ๐ฝ๐ถ๐ธ๐ฒ๐ ๐ฎ๐ต% ๐๐ณ๐๐ฒ๐ฟ ๐๐ง๐ ๐ก๐ฒ๐๐ ๐๐๐น๐น๐ ๐๐๐ฒ ๐ฌ.๐ฌ๐ฒ๐ฌ ๐ง๐ฎ๐ฟ๐ด๐ฒ๐
๐ฐ What happened?
PENGU, a Solana meme coin, jumped ~29% to around $0.01927 after the SEC formally acknowledged a filing for the Canary Spot PENGU ETF.
This step doesnโt mean approval yet โ but itโs the first step on the road, and it boosted trader excitement.
๐ Why traders care about this ETF
An ETF could bring institutional money and make PENGU accessible to more investors.
Analysts see this as a strong signal that the project is serious and has wider market ambitions.
โ๏ธ Technical picture made simple
โ PENGU recently held support around $0.013 โ a โbullish retestโ where price bounced back up.
โ Current resistance levels traders are watching:
$0.032 โ shortโterm target
$0.044 โ stronger zone
$0.060 โ major target projected by analyst Ali by August
If price breaks above each level on volume, it could climb toward the next.
๐ก What open interest tells us
Open interest in PENGU futures surged to $176M as price rose.
This usually means new bullish bets are coming in โ not just traders closing shorts.
But remember: high OI can also cause big liquidations if price suddenly reverses.
๐ Simple trade idea
Bullish case: Hold above $0.019, aim for $0.032 then $0.044.
Bearish risk: If price falls back under $0.013, momentum could break down.
Watch volume: Rising volume confirms real buying interest.
โ Key takeaway
PENGUโs sharp rally shows how fast meme coins can move when real news hits.
If the ETF story keeps momentum, traders could see further gains โ but sudden reversals are always possible in such volatile markets.