Penguins rally as open interest, trade volume hit three-month highs

The Pudgy Penguins rose 156% last week and continue their advances on Monday.

PENGU's open interest and trading volume hit three-month highs, signaling bullishness.

Technical indicators imply a rebound to $0.015 or above.

Pudgy Penguins (PENGU), a meme coin based on penguins on the Solana (SOL) blockchain, is up 5% to $0.013 on Monday after rising 156% last week. On-chain data like PENGU's three-month high open interest and trading volume reinforce bullish sentiment. The technical outlook is positive, hitting $0.014 before $0.017.

Over 150% rise in PENGU as on-chain evidence favor bullishness
Pudgy Penguins gained over 156% last week after launching its Solana-based token PENGU from an Ethereum Non-Fungible Token (NFT). The penguin-based memecoin rose over 35% in 24 hours, according to CoinGecko. World Penguin Day is on Friday, so speculators may be speculating on this price rise.

On-chain data suggests PENGU's future is bright. PENGU futures OI at exchanges surged from $49.92 million on Friday to $133.68 million on Monday, the biggest amount since January 28, according to Coinglass. An higher OI indicates new money entering the market and buying, which could fuel the Pudgy Penguins price increase.

A recent increase in Pudgy Penguins trading interest and liquidity boosts the platform's prospects. Santiment data showed PENGU's trading volume jumped from $155.68 million on Saturday to $517.53 million on Monday, the biggest since January 19.

Pitiful Penguins Price Forecast: Bulls Want $0.014
Saturday, Pudgy Penguins smashed weekly resistance at $0.009 and soared 47.58% to Sunday's $0.010 daily resistance. As of Monday, it is up 5% at $0.013.

PENGU may retest its next resistance level at $0.015 before reaching its February 1 high of $0.017 if it continues to rise.

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