The price of PENGU, a Solana-based token, surged nearly 29% in the last 24 hours following the SEC's acknowledgment of an ETF filing. Currently, the token trades at $0.01902 with a 24-hour trading volume of $431 million.
PENGU's Price Surge Amid ETF Acknowledgment
Following the ETF acknowledgment, there has been renewed interest in PENGU. Over the past week, PENGU has gained more than 16%, indicating strong momentum as anticipation builds for potential ETF approval.
Analytical Forecasts and Technical Analysis
Crypto analyst Ali shared a chart showing PENGU recently completed a 'bullish retest' near $0.013. He predicts the price may target $0.060 by August.
> '$0.060 by August is just the start. Once the ETF gets approved, who knows how far this can go,' Ali noted.
Open Interest Dynamics and Market Risks
Data from Coinalyze reveals that aggregated open interest surged past $176.9 million, indicating a surge of new positions during the rally. Rising open interest alongside price often points to bullish trader positions.
PENGU's price shows notable growth spurred by positive ETF news that garners traders' attention. However, elevated open interest also carries inherent risks.
