PENGU price has surged more than 9% in the last 24 hours, reclaiming the $2 billion market cap threshold. This rally solidifies its position as the second-largest meme coin on Solana, trailing BONK closely in a fierce competition for the top spot.
While technical indicators like the ADX and RSI hint at improving momentum, they also suggest the current trend remains unestablished. As PENGU trades near key support and resistance levels, its ability to sustain this upward momentum will determine whether it can continue challenging BONK or face a potential retracement.
PENGU Current Trend Isn’t Established Yet
PENGU ADX has dropped to 15.5 from 20.5 over the past day, signaling a weakening trend strength. With an ADX below 20, the market is considered to lack a strong directional trend, often indicating consolidation or indecision.
This decline comes as PENGU price attempts to form an uptrend, suggesting that while buying momentum may be emerging, it is not yet strong enough to establish a clear and sustained trend.
The ADX, or Average Directional Index, measures the strength of a trend on a scale from 0 to 100. Values below 20 indicate a weak or non-existent trend, while values above 25 suggest a stronger, more defined trend. PENGU’s current ADX at 15.5 reflects the uncertainty in its price movement. This implies that the uptrend it is trying to form lacks sufficient support to gain traction.
For a clear bullish breakout, the ADX would need to rise above 25. In addition, increased buying pressure would be required to confirm the emergence of a stronger trend. Until then, PENGU may remain in a consolidation phase, sustaining its position in the top 10 among the biggest meme coins.
