PENGU Flipping WIF? Solana Memecoin Market Heats Up

• PENGU’s strong recovery and volatility signal growing investor interest in Solana.
• Solana DEX trading volume surpasses $100B for the second month, boosting confidence.
• WIF shows a slow recovery, while $PENGU’s momentum points to further upside potential.

The Solana ecosystem shows notable shifts in the memecoin market, with PENGU overtaking WIF in market capitalization. This rise comes alongside strong DEX trading, which topped $100 billion in volume for the second consecutive month.

Memecoins like PENGU and WIF lead the way, highlighting the growing appeal of Solana-based tokens. $PENGU’s strong recovery and increased trading volume suggest a shift in investor sentiment.

PENGU vs. WIF: Market Trend Comparison

PENGU and WIF have seen notable price movements over the past week, with PENGU as the more volatile but resilient token. Initially, both tokens were even. However, PENGU saw a sharp mid-week decline, dipping below WIF’s price.

PENGU V.s WIF 1-day price chart, Source: Coinmarketcap

However, PENGU made a strong recovery by the end of the week, closing near its starting value. In contrast, WIF lagged, struggling to regain momentum. This price action highlights PENGU’s stronger recovery potential, attracting traders.

PENGU Shows Bullish Momentum – Key Levels to Watch

PENGU has experienced a significant bullish movement, rising from around $0.020 to its current price of $0.037 . This upward momentum comes with increased trading volume, indicating strong buyers. Currently, $PENGU trades at $0.03707, reflecting a 4.43% gain in the past 24 hours.

PENGU/USD 4-hour price chart, Source: Trading view

Still, the Relative Strength Index (RSI) is at 61.53, signaling that the token may be approaching overbought conditions. If the RSI exceeds 70, resistance could build, potentially halting the upward trend. The Moving Average Convergence Divergence (MACD) also confirms the bullish trend, showing a positive crossover with rising histogram bars.

This technical indicator further supports the idea that PENGU may continue its upward trajectory soon. Investors should closely monitor key support levels at $0.030 and $0.025. These zones have previously held strong during periods of consolidation. Resistance levels at $0.038 and $0.040 are critical to watch. A breakout above these levels could push $PENGU to even higher prices.

WIF’s Slow Recovery and Upside Potential

On the other hand, WIF is currently experiencing a slower recovery. After peaking near $3.50, the price has declined, consolidating around the $2.00 zone. Despite this, $WIF has gained 5.49% in the past 24 hours, with a price of $2.0740 . 

WIF/USD 4-hour price chart, Source: Trading view

The RSI for WIF stands at 52.56, indicating mild bullish momentum. The MACD also shows a bullish crossover, suggesting that $WIF could rise further if the current trend persists.

Support levels for WIF are found at $2.00 and $1.80, which have previously held firm during pullbacks. Resistance is expected around $2.20–$2.30, near prior local highs, and $2.50, a level where selling pressure may increase. A significant resistance zone lies near $3.00, where a major downtrend reversal could happen.