PNUT is a token on the Solana blockchain, featuring a peanut squirrel theme, running like a squirrel. Over the past month, it has surged an astonishing 3942.86%! According to coinmarketcap data, it has risen 1528.99% just in the past week, and yesterday it soared 266.77% to reach $2.18. But with each major surge, there is always a question - can it be sustained, or is a pullback imminent?
Trading volume spikes, but signals are mixed
PNUT's recent surge has also brought a massive increase in trading volume - up 549.06% in a single day! This indicates strong interest, as more and more traders get involved. However, there is a concern: some technical signs suggest a slowdown. A bearish doji candle has appeared on the 15-minute chart, which often signals sellers quietly entering, potentially preparing to buy the dip. This could be a warning that some investors think PNUT's recent gains may be difficult to sustain.
PNUT in cooling-off period
Other indicators also suggest PNUT's bull run may not continue. The Balance of Power (BoP) indicator, which shows the tug-of-war between buyers and sellers, remains in positive territory but is declining. This indicates buyers may be losing some momentum. Additionally, the Chaikin Money Flow (CMF) indicator, which tracks the flow of funds in and out of the token, shows a recent decrease in inflows. Taken together, these signs may suggest demand is not as strong, and PNUT could slow down.
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PNUT also has a demand zone between $0.7010 and $0.6499, and analysts believe that if the price starts to decline, this area could provide some support. If it drops to this range, it could potentially rebound and even rise by 41.19%.
What's next?
Currently, the sentiment around PNUT is somewhat cautious, with traders betting on a decline slightly outnumbering those betting on an increase. Some analysts believe PNUT may enter a consolidation phase, which is essentially a breather before another potential rebound. So, while PNUT is still red-hot, there are signs of cooling. Will it maintain this level or pull back a bit? That's the question traders are closely watching now.
