PENGU Meme Coin Surges 29% After SEC ETF Filing Acknowledgment

PENGU, a Solana-based meme coin, saw its price surge by nearly 29% in the past 24 hours. This significant increase followed the acknowledgment by the US Securities and Exchange Commission (SEC) of a filing for the Canary Spot PENGU ETF. At the time of this surge, PENGU was trading at $0.01902. This development has sparked renewed interest in the token, with many traders viewing the ETF filing as a potential catalyst for broader adoption. Over the past week, PENGU has gained over 16%, indicating strong momentum as anticipation grows over potential ETF approval.

Crypto analyst Ali shared a chart indicating that PENGU recently completed a textbook bullish retest near $0.013. The price has since rebounded and is now targeting $0.060 by August, according to the projection. Ali noted that this is just the start and that once the ETF gets approved, the potential for further growth is significant. Resistance zones are marked near $0.032, $0.044, and $0.060, suggesting a reversal of the downtrend that began in February, supported by a newly confirmed support level just above $0.013.

Data from Coinalyze reveals that aggregated open interest (OI) surged past $176.9 million as the price rose above $0.019. This sharp increase in OI reflects a flood of new positions being opened during the rally. Rising OI along with price often points to bullish positioning from traders rather than short covering. However, elevated OI also carries risk, as rapid liquidation could occur if momentum fades. Analyst Martinez noted that the token could soon test the $0.044 level, which would represent a 200% gain from earlier trading levels.

This surge in PENGU's price is a testament to the volatile nature of the cryptocurrency market, where news and regulatory developments can have a significant impact on the value of digital assets. As the market continues to evolve, traders and investors will be closely watching for any further developments that could impact the price of PENGU and other meme coins. The acknowledgment by the SEC has been seen as a positive indicator for the broader cryptocurrency market, as it suggests a growing acceptance of digital assets by regulatory bodies. This news has led to increased speculation and optimism among traders, who are now looking for opportunities to capitalize on the potential price movements of PENGU and other meme coins.