Peanut the Squirrel, a recently launched meme coin on the Solana blockchain, recently became the top gainer among the top 100 crypto assets amid a massive rally.
Created in homage to Peanut, the squirrel controversially euthanized by the New York State Department of Environmental Conservation last month, Peanut the Squirrel (PNUT) faced initial selling pressure after its launch in early November.
The coin fell to a low of $0.03104 on November 4. However, PNUT quickly found its footing, rebounding as it joined a broader market uptrend following Donald Trump’s victory in the just-concluded US presidential election.
The gathering intensified on November 11 as PNUT soared 256%, hitting a new all-time high of $0.47, with Binance confirming its listing yesterday. PNUT is up 170% in the last 24 hours and is trading at $1.2 at the time of reporting.
Amid this upward trend, PNUT entered the top 100 crypto assets, with a market capitalization exceeding $1.2 billion.
The asset became the fastest growing coin to reach a market cap of $1 billion in less than 10 days.
The four-hour chart for PNUT shows the important areas at the 23.6% Fibonacci level, around $0.7751, the 38.2% level at $0.6439, and the 50% region, around 0 $.53,801. These represent notable support areas if the price faces a pullback.
Notably, these levels could provide buying opportunities for investors if prices pull back, as these are often areas of increased demand in bull markets.
Currently, PNUT is trading near the upper end of the Fibonacci scale, suggesting bullish sentiment. However, if it encounters resistance near its recent highs, traders should watch for possible retracements towards the 0.382 or 0.5 Fibonacci levels, as these could serve as healthy consolidation points before further upside.
The meme coin’s Relative Strength Index is currently at 84.93, placing PNUT in overbought territory. This high figure suggests that the PNUT may be overextended and that a correction may be on the horizon, especially as volumes start to decline.
However, a strong trend can keep PNUT’s RSI elevated, meaning PNUT could maintain its uptrend if buying pressure persists. This would require a volume recovery.