Will $PNUT Price 5X This Week?

The viral meme coin Peanut the Squirrel has taken over the crypto space with an impressive price action this week. Notably, this Solana-based token has gained significant attention by multiplying its investors’ portfolio within a short period.

With the rising FOMO, investors are concerned if it is too late to invest in this crypto project. In this article, we have covered the short-term possibilities of this sensational memecoin.

Peanut the Squirrel Price Soars 300% In Hours!

With intensified bullish action, the PNUT price has surged 212% in the past 24 hours with a trading volume of $2.82 billion, a change of 153.46%. Furthermore, it has soared ~1,200% over the past week, indicating increased bullish sentiment.

The Moving Average Convergence Divergence (MACD) records a massive rise in the green histogram with its averages experiencing a sharp uptrend. This indicates increased bullish sentiment for the memecoin in the market.

Furthermore, the SMA indicator constantly supports the Peanut the Squirrel price chart in the 1H time frame. This suggests that this Solana-based token will continue gaining value this week.

Will $PNUT Price Hit $2?

If the bulls break out of the resistance level of $1.4, this altcoin will regain momentum and head toward its upper resistance level of $1.8. Maintaining its price at that level will set the stage for it to head toward its target price of $2 this week.

On the flip side, if the bears outrun the bulls, the PNUT memecoin will retest its support level of $1. Moreover, if the bearish sentiment intensifies, this could result in it plunging toward its lower support trendline of $0.60.

Wondering about the long-term price prospects of the 04th largest crypto token? Read, our Solana Price Prediction!

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