The Pudgy Penguins token (PENGU) has staged a powerful comeback this week, jumping to its highest level since February, fueled by a sharp rise in NFT sales activity. PENGU rallied over 167% from its monthly lows, reaching a peak of $0.010. This impressive move came amid a massive uptick in trading volumes, with the token’s 24-hour trading turnover skyrocketing by 500% to $372 million. The market cap for PENGU now stands at approximately $576 million, signaling renewed investor enthusiasm.
NFT Momentum Boosts PENGU’s Rally
Pudgy Penguins’ recent token rally coincided with a broader surge across the Solana meme coin ecosystem, where several assets have seen significant gains, pushing their combined market capitalization above $10 billion. Meanwhile, data shows that Pudgy Penguins’ NFT sales are also on fire. In the past 24 hours alone, sales jumped by 400% to $436,000, making Pudgy Penguins the fourth best-selling NFT collection behind DMarket, Panini America, and Guild of Guardians Heroes.
Transaction volume rose by 380%, with 24 sales recorded, while the number of unique buyers climbed by 400% to 15 — a sign of growing interest in the project. Despite the explosive short-term growth, Pudgy Penguins’ longer-term NFT sales trajectory remains muted. Over the past 30 days, total sales have dropped by 11% to $6.76 million. Historically, the Pudgy Penguins collection commanded millions in daily volume at its peak, contributing to cumulative lifetime sales exceeding $620 million.
PENGU Price Analysis: Bullish, But Overbought
On the four-hour chart, PENGU continues to flash strong bullish momentum. The token recently broke out to $0.010, a critical level that aligns with the 78.60% Fibonacci retracement of the previous sell-off. Additionally, the price remains comfortably above the important $0.0075 support zone, which had served as resistance on March 20 and now aligns with the 50% retracement level.
Moreover, PENGU is trading above the 50-period moving average — a sign that bulls remain in control for now. However, caution is warranted as technical indicators show signs of overheating. The Relative Strength Index (RSI) has surged above 80, signaling overbought conditions, while the Percentage Price Oscillator (PPO) has also spiked, hinting that momentum could soon wane.
Given the extreme readings, PENGU may face a pullback in the short term. A potential retest of the $0.0075 support zone could provide a healthier setup for the next leg higher. If bulls successfully defend this level and buyers step back in, a breakout above $0.010 could open the door for a rally toward the year-to-date high around $0.0115.
