The cryptocurrency market shows signs of revival following a recent slump. Among the surging altcoins is Peanut the Squirrel (PNUT), which has registered a significant gain over the past 24 hours.
Current State of the Crypto Market
The total crypto market capitalization has surged to $2.95 trillion, despite the daily trading volume declining by 22% to $144 billion. While leading altcoins gain momentum, the memecoin market also saw a major rebound, increasing its market cap by 6% to $58.20 billion.
PNUT Price Analysis
Peanut the Squirrel (PNUT), a Solana-based memecoin, has surged by 20.80% in the past 24 hours. This rally started on February 23, 2025, when PNUT rose from $0.1300 to a peak of $0.2300. After encountering resistance at $0.2300, the price retreated to $0.1400 but has since recovered. The coin is currently trading at $0.1735, pushing the weekly gain to 25%.
Technical Analysis and Forecast
Technical indicators suggest that PNUT is on a bullish trajectory, but the upward momentum might be cooling down. Red candlesticks indicate declining bullish power at $0.2011. However, the $0.1600 support remains robust. If the current momentum holds, breaking above $0.2011 could pave the way towards the key resistance at $0.2406.
Despite the ongoing recovery, the future of Peanut the Squirrel (PNUT) depends on the buyers' ability to maintain momentum and break key resistance levels.
