PENGU Memecoin Surges 5.23% on ETF Filing Hopes

PENGU, a Solana-based memecoin, has shown a bullish retest on the 12-hour chart, indicating a potential breakout to $0.060. This development follows a clear consolidation around $0.015, with traders now anticipating an upside movement to build in July. The ETF application for PENGU has sparked growing attention, with higher volume and stronger price levels observed in the market.

The token's upward trajectory has been highlighted by on-chain analyst @ali_charts, who noted a "textbook bullish retest" in recent price action. This suggests that the upward movement may accelerate if ETF approval follows. At the time of reporting, PENGU was trading at $0.015482, marking a 5.23% increase over the last session on Binance. The potential trajectory places the next major resistance near $0.060, possibly by early August.

The chart indicates a recovery from a steep decline earlier in 2025, forming a strong bottom in May and consolidating through June and early July. The current retest zone signals that the retracement is likely complete and upward continuation may begin. The ETF filing has drawn significant attention, with the U.S. SEC acknowledging a filing for a Canary Spot PENGU ETF. This announcement has fueled speculation about PENGU’s future market potential and could legitimize the token’s role beyond memecoin status.

Similar ETF products for Bitcoin and Ethereum have previously preceded strong market inflows, and analysts are now monitoring how this ETF could affect trading activity, especially if formal approval is granted in the coming weeks. Market observers believe that institutional entry could follow, enhancing credibility and attracting new demand. The $0.060 target may serve as a psychological and technical level, backed by trader sentiment and ETF optimism.

The price chart shows multiple resistance and support levels clearly defined. Following its bottom near $0.006 in April, PENGU surged toward $0.018, retraced briefly, and now appears to have formed a continuation setup. The shaded forecast area points to a possible climb past $0.040 and into $0.060 within a month. Volume data and market reaction support the bullish thesis, as sentiment remains tilted toward continuation. With the retest showing signs of strength, many traders interpret the current zone as a last accumulation range before a possible breakout.

According to @ali_charts, the bullish retest aligns with prior breakout patterns seen in crypto assets after forming strong base structures. A decisive move above $0.018 would likely invite further upside interest. The current price action continues to draw comparisons to breakout formations that preceded multi-week rallies in similar altcoins. With a textbook retest in play and $0.060 positioned as the next critical level, the question remains: Can PENGU sustain this rally?

The technical setup, combined with ETF anticipation, suggests the memecoin could be on the verge of broader attention. Traders are positioning early in case momentum accelerates quickly after an approval update. The bullish structure remains intact and has gained notable traction among chart watchers across major crypto platforms. The acknowledgment of the ETF filing by the relevant regulatory body has been a significant catalyst for PENGU's price surge. The proposed ETF, which combines PENGU tokens and NFTs, has generated considerable excitement and speculation within the market. This development has not only boosted PENGU's value but has also highlighted the potential for other meme coins to gain traction through similar regulatory acknowledgments.

The surge in PENGU's value is also indicative of the broader trend of institutional interest in meme coins. As more institutional investors enter the market, the demand for meme coins like PENGU is likely to increase, further driving up their value. This trend is expected to continue as more regulatory bodies acknowledge ETF filings and other developments that legitimize the meme coin market. In conclusion, PENGU's recent surge in value is a result of a combination of factors, including the acknowledgment of an ETF filing, rising institutional interest, and whale accumulation. As the market continues to evolve, PENGU's value is likely to remain volatile, but the recent developments suggest a positive outlook for the token.