Whale activity drives PENGU rebound, market sentiment improves

Whale-driven activities have raised questions about the rebound of $PENGU, targeting key resistance levels. In the past 24 hours, a whale deposited $9.50 million worth of 400.10 million Pudgy Penguins [$PENGU] tokens into a wallet. This move followed the whale withdrawing $15.87 million in $PENGU from Binance, purchasing 581.96 million tokens, while selling 1.93 million tokens for $719.60 thousand. Currently, the whale holds 110 million $PENGU tokens worth $2.62 million, distributed across two wallets. As of the time of writing, $PENGU is trading at $0.02435, up 1.92% in the past 24 hours. These developments have sparked questions about whether this is a $PENGU accumulation phase. The $PENGU chart overview indicates a potential breakout. $PENGU has successfully rebounded from the key support level of $0.0233, maintaining a steady recovery. The daily chart shows the next major resistance level at $0.0362. If buying momentum increases, it may test this level. Additionally, if this trend continues, price trajectories indicate a possible breakout to $0.05. Whale activity aligns with this rebound, suggesting confidence from large investors. The upcoming trading session may determine whether $PENGU capitalizes on this rebound or faces new challenges. The relative strength index (RSI) on the 4-hour timeframe is currently at 42.7, indicating neutrality. This suggests there are neither overbought nor oversold conditions, leaving room for upward movement. Furthermore, the Bollinger Bands (BB) are tightening, implying decreased volatility and a potential breakout. The price is near the middle of the band, reinforcing the possibility of further consolidation. Despite whale activity, $PENGU's social dominance and trading volume remain low. According to the latest data, social dominance is only 0.11%, with just 36 social mentions in the last analysis window. However, this subdued social engagement does not necessarily reflect market sentiment. It may indicate that large investors are acting strategically, independent of retail speculation. Therefore, despite poor social indicators, technical and market sentiment tell a different story. Market sentiment has improved with an increase in open interest. Open interest has risen by 7.44%, totaling $160.41 million, indicating increased participation from traders and investors. This growth reflects rising interest in $PENGU, potentially driven by whale activity and technical rebounds. Additionally, an increase in open interest typically heralds upcoming volatility, which could benefit bulls if buying continues. Thus, despite poor social indicators, overall sentiment is turning optimistic. Whale activity, improved market sentiment, and technical recovery suggest $PENGU is preparing for a significant upward trend. Although social participation remains low, the current market conditions strongly support accumulation. Therefore, $PENGU is likely to challenge its resistance levels and may trigger a bullish rebound in the coming days.