Pudgy Penguins (PENGU) Token Bounces Back This Week, Soaring to Its Highest Level Since February

The Pudgy Penguins token has bounced back this week, soaring to its highest level since February as its NFT sales have jumped.

The Pudgy Penguins token (CRYPTO: PENGU) has bounced back this week, surging to its highest level since February as its NFT sales volume exploded.

Here's what's happened and what traders should know.

What Happened: Pudgy Penguins price soared to a high of $0.010 on Thursday, rising more than 167% from its lowest level this month. The rally occurred in a strong volume environment, with 24-hour trading volume increasing by 500% to $372 million. Its market cap has also climbed to $576 million.

The move came amid the ongoing surge among Solana meme tokens. Several of these tokens have seen triple-digit percentage gains this week, bringing their combined market cap to over $10 billion.

According to data from CryptoSlam, Pudgy Penguins NFT sales are also surging. Sales volume soared by 400% in the past 24 hours to $436,000, making Pudgy Penguins the fourth most-popular collection after DMarket, Panini America and Guild of Guardians Heroes.

The number of Pudgy Penguins transactions increased by 380% to 24, and buyers rose by 400% to 15.

However, the longer-term trajectory of these sales remains weak. Sales are down 11% over the past 30 days to $6.76 million. At its peak, Pudgy Penguins used to record millions of dollars in daily sales, which explains why its cumulative sales have reached $620 million.

PENGU Price Action: The four-hour chart shows that the Pengu price has been in a strong bullish trend this week, reaching a two-month high of $0.010. This level is also interesting because it coincides with the 78.60% Fibonacci Retracement level.

The token remains above the key resistance level at $0.0075, its highest level on March 20 and the 50% retracement point. It has also managed to stay above the 50-period moving average.

But the coin has become extremely overbought. The Relative Strength Index has surged to over 80, and the Percentage Price Oscillator is also showing signs of being overbought.

From here, the token could pull back and retest the support at $0.0075, after which it could continue its bullish trend. A move above the resistance point at $0.010 could signal further gains, potentially pushing the price toward the year-to-date high of $0.0115.

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