PENGU breaks ascending triangle at $0.033, hits $0.03641, with targets at $0.045, $0.048, and $0.075 if $0.030 holds.
The rally began after a falling wedge breakout in April, followed by a bullish flag and now an ascending triangle breakout.
PENGU’s market cap hits $2.29B, surpassing TRUMP, as rising volume confirms bullish momentum and strong trader interest.
PENGU has extended its upward rally with a steep 266.87% gain since breaking out of a key technical formation in April. The memecoin surged past $0.036 by July 22, fueled by consecutive bullish chart patterns and strong trading momentum.
Its rise comes just one day after overtaking TRUMP as the second-largest memecoin on Solana, with a market cap of $2.29 billion against TRUMP’s $2.14 billion. The latest move builds on previous bullish formations, starting with a falling wedge between January and April.
This pattern, often viewed as a reversal structure, was followed by a breakout in early April, leading to the first leg of PENGU’s rally. A bullish flag formed in May and extended through early July. That flag pattern ended with another breakout mid July, which led to the current explosive run.
Ascending Triangle Breakout Leads to New Leg of the Rally
Between July 14 and July 21, PENGU consolidated in a tight ascending triangle. The formation was marked by higher lows and a flat resistance near $0.0330. On July 21, the token broke above the triangle resistance, pushing toward $0.0390 before a minor pullback.
PENGU/USDT 1-day price chart, Source: Captain Faibik on X
This triangle breakout suggested a continuation of the prior rally. Based on the height of the triangle, a measured move target is near $0.0480. However, projections on the chart point to an extended move toward $0.0750.
As of press time, PENGU was trading at $0.03641. Support is strong at the previous breakout level of $0.0330, while immediate resistance is near $0.0390. The move was reportedly supported by rising volume, which often validates breakouts.
Strong Price Zones and Potential Retests Ahead
PENGU’s breakout point was near $0.009000. From that level, the token added over $0.026 in value. Current price is near a psychological resistance band around $0.037500 to $0.040000.
If a pullback occurs, short term support exists around $0.033000, followed by stronger support near $0.022000, which aligns with the top of the previous flag pattern. Deeper retracements could bring prices back toward $0.018500.
However, as long as price is above $0.030000, bullish continuation targets remain at $0.045000, $0.048000, and eventually $0.075000.
Technical Momentum Drives Market Sentiment Higher
PENGU’s market structure shows an uninterrupted sequence of bullish breakouts. Each leg of the rally was preceded by a technical setup and confirmed by price expansion.
According to analyst Ali, the breakout above the ascending triangle indicates readiness for another push, with $0.075 as the next target. The back to back formation of bullish patterns shows high interest.
PENGU’s sharp rise from $0.009000 to $0.037203 follows two confirmed breakout phases. With strong support zones and defined resistance levels, the memecoin currently trades at the center of a high momentum zone, just after surpassing TRUMP in Solana’s memecoin rankings.
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