PNUT Surges 7.7% in 24 Hours Breaking Descending Trendline

PNUT, a digital asset, has experienced a significant surge in its price, reaching $0.2371 after breaking through a descending trendline. This upward movement represents a 7.7% increase over a 24-hour period. The breakout occurred after a prolonged downward channel, which had been visible on the 8-hour chart, pushing PNUT into a new price range.

The recent price momentum has been supported by strong trading volume, which totaled $170.1 million for the day. This volume represents 71.72% of the asset's market cap, indicating high market activity and interest. The current support level for PNUT is at $0.2189, while the immediate resistance is marked at $0.2443. The market cap for PNUT stands at $236.7 million, reflecting a 40.1% increase in trading volume.

PNUT's recent price action has been characterized by a breakout above a trendline that had been capping price movement since early May. This breakout occurred just above the $0.22 level, allowing the price to retest upper resistance zones. Prior to this move, the token had formed lower highs within a well-defined channel. With the price now above this structure, the technical focus has shifted to how it performs near key resistance levels.

Volume growth has accompanied the breakout, which often supports continued price strength. The 8-hour chart also displays clear horizontal support zones near $0.2189. These areas previously acted as accumulation zones, contributing to the shift in momentum seen in recent sessions. The circulating supply of PNUT sits at 999.85 million tokens, with no maximum cap defined. The unlocked market cap is closely aligned at $237.14 million, almost identical to the fully diluted valuation. These metrics suggest minimal locked token impact on price behavior at the moment.

As volume continues to rise, traders are monitoring whether resistance levels will contain or shift price activity. PNUT gained 8.2% against BTC and 0.9% against ETH in the last 24 hours. These movements add context to its USD performance. With the price now holding above former resistance, any further upside would test $0.2443 directly. Support near $0.2189 remains crucial if the market turns. The total supply remains just under 1 billion tokens, and current circulation matches that figure. These details provide traders with a structured framework as PNUT enters this higher range.