- PNUT price rebounds to $0.70 after strong support at $0.50.
- Whale activity drives a surge, with one wallet purchasing $6.1 million worth of PNUT.
- Testing a breakout from its downward trendline, analysts predict a rally to $1.
- Anticipated Coinbase listing set to boost liquidity and price.
Whale Accumulation Drives PNUT Price Surge
Peanut the Squirrel (PNUT), a popular Solana-based meme coin, is making headlines with a 12% price increase over the past 24 hours. Currently trading at $0.70, the token recovered from its $0.50 support level and is now targeting the $1 milestone. Open interest for PNUT has also risen by 35%, signaling growing market interest.
Recent analytics from Spot on Chain revealed significant whale activity. A wallet labeled “FFDAa” withdrew 10 million PNUT tokens—worth $6.1 million—from Binance, representing about 1% of the total supply. Most of these tokens were transferred to another wallet, “76yGJ,” now ranked as the sixth-largest non-CEX PNUT holder.
This whale accumulation indicates strong confidence in PNUT’s long-term potential, particularly among large-scale investors buying during price dips.
Testing Key Levels: Will PNUT Break Out?
After the recent bounce, PNUT is testing a critical downward trendline. If it successfully breaks out, analysts foresee a rally to $1, with potential to reach a new all-time high of $2.30.
Adding to the momentum, crypto exchange Coinbase recently announced plans to list PNUT. Although trading hasn’t started yet, the announcement alone has significantly increased liquidity and demand for the token.
In the derivatives market, Coinglass reports a 35% increase in open interest, now totaling $223 million, highlighting strong interest among futures traders. Additionally, 24-hour liquidations have reached $4 million, reflecting high trading activity.
Solana Meme Coins Lead the Way
Solana-based meme coins like PNUT and Fartcoin have shown remarkable performance in 2024, driving significant growth in the meme coin sector. As investors look ahead to 2025, there’s growing optimism that meme coins will continue to outperform.
This optimism has also sparked interest in Base blockchain meme coins, suggesting a diversification of focus within the meme coin market.
Also Read: What’s Next for XRP? Price Targets: $4 Upside or $1 Downside
Conclusion
With whale accumulation, strong market demand, and anticipated catalysts like the Coinbase listing, PNUT appears poised for a significant rally. Traders and investors should monitor key resistance levels and market developments closely as the Solana meme coin aims for its next milestone of $1 and beyond.
