The new Solana-based meme coin, Peanut the Squirrel (PNUT), has continued its impressive rally, climbing 128% in the past 24 hours. The PNUT token price hit a new all-time high of $2.49 early Thursday before experiencing a slight pullback. It is now trading at $2.13 amid a notable surge in trading activity.
As this newcomer gains traction and demand rises, the PNUT token appears well-positioned to extend its gains in the short term. This analysis explores the factors driving its momentum.
Demand Increases For PNUT
BeInCrypto’s assessment of the PNUT/USD four-hour chart has revealed an uptick in the altcoin’s demand. For example, as of this writing, the meme coin’s price is above the green line of its Super Trend indicator.
The Super Trend indicator identifies the overall direction and strength of a trend in asset prices. It appears as a line on the price chart, which changes color based on the trend direction: red for a downtrend and green for an uptrend. When the Super Trend line is above the asset’s price, it signals a downtrend, suggesting that bearish momentum will continue.
As in PNUT’s case, buyers are in control when the Super Trend line turns green and appears below an asset’s price. The green line acts as a support floor where an asset’s price may witness a surge in buying pressure and a rebound following a dip. For PNUT, this stands at $1.29.
Additionally, the meme coin’s Aroon Up Line is 92.86%, confirming this bullish outlook. The Aroon indicator identifies the strength and direction of a trend.
When the Up Line has a reading near 100%, it suggests that the uptrend is strong. It also indicates that the asset’s price has reached a new high. This is true of the PNUT token, which clinched a new all-time hour a few hours ago.
PNUT Price Prediction: It May Reclaim All-Time High
With strengthening buying pressure reflected by PNUT’s Super Trend and Aroon indicators, the meme coin has the potential to extend its triple-digit gains. According to its Fibonacci Retracement readings, the PNUT token’s next price target is its all-time high of $2.49 if the uptrend holds. Sustained buying pressure could propel it beyond this peak.
However, if profit-taking begins, the PNUT token price could shed some of its recent gains. In this scenario, the price may decline to $1.55. If this level does not hold, further support lies at the Super Trend Indicator’s green line at $1.29.
Disclaimer
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