Solana Meme coin new trend: PENGU, SPX selling pressure weakens, expected to welcome a strong Rebound

Recently, the meme coin market based on Solana has once again become the focus of the encryption community. Pudgy Penguins (PENGU) and SPX6900 (SPX) have performed well in the past 24 hours, with selling pressure significantly easing. The technical indicators and capital movements are both signaling a rebound. This article will delve into the latest trends of PENGU and SPX, helping you grasp the potential upward opportunities of meme coins in the Solana ecosystem.

PENGU selling pressure weakens, open interest rises boosting confidence

PENGU has recently seen a slight price drop of 1%, but rose by 6.48% on the previous day, currently holding steady at the 0.03000 dollar mark. Although it is challenging to break through the 78.6% Fibonacci resistance level at 0.03717 dollars in the short term, if it can effectively break through, it may challenge the 0.04714 dollar high. The MACD indicator shows that bearish momentum is weakening, with the daily RSI at 55, indicating neutral buying and selling pressure. CoinGlass data shows that PENGU's open interest (OI) surged by 10% within 24 hours, reaching 407.4 million dollars, reflecting a rebound in trader confidence. If it fails to break through the resistance, PENGU may test the support level at 0.02893 dollars.

SPX Rebound momentum brewing, technical indicators continue to recover

The SPX price is currently stable above the 50-day Exponential Moving Average (EMA) at $1.5717, rebounding from the ascending wedge support line. Although it fell slightly by 0.50% today, it rose nearly 3% the previous day. If it can break through the resistance at $1.8032, SPX is expected to further target the high of $2.2817. The MACD line is close to the signal line, and the red histogram is shrinking, indicating that bearish pressure is weakening. The RSI is at 49, and selling pressure is gradually decreasing. Coinglass data shows that the SPX open interest (OI) is $146.73 million, remaining stable recently, with capital outflow slowing down.

Capital flow and technical indicators resonate, a reversal opportunity emerges

The open contracts of PENGU and SPX have stabilized after significant adjustments, indicating that capital outflows have paused and market confidence is gradually being restored. If both can break through key resistance levels, a stronger rebound is expected in the short term. Conversely, if important support levels are lost, caution should be exercised regarding further retracement risks.

Market Outlook: Can Solana Meme coin Spark a New Wave?

If PENGU can break through 0.03717 USD, it is expected to challenge 0.04714 USD; if SPX can hold steady at 1.8032 USD, there will be an opportunity to attack 2.2817 USD. Conversely, if PENGU drops below 0.02893 USD, or if SPX falls below 1.5000 USD, short-term pressure will intensify. Overall, as selling pressure decreases and funds flow back, the Solana ecosystem meme coin market is expected to welcome a new wave of market activity, but investors still need to closely monitor changes in technical indicators and fund movements.

Conclusion

Meme coins based on Solana, such as Pengu and SPX, are at a critical juncture. The selling pressure has weakened, and capital inflows have rebounded, creating favorable conditions for a short-term rebound. However, whether it can truly lead to a new wave of market movement still requires observation of key resistance and support levels. Investors should remain vigilant and adjust their strategies flexibly based on technical indicators and capital trends.