Recently, Peanut the Squirrel [PNUT] has broken out of a symmetrical triangle pattern on the 1-hour chart, a move often seen as a signal for continued bullish momentum. At the moment, PNUT is undergoing a crucial retesting phase around $2.1389.
If this retest holds successfully, it could confirm the breakout and open the door for a renewed upward trend. The retest level bears significant importance, and a successful hold here is likely to attract more buyers, thereby strengthening the bullish sentiment.
An observation of the MACD reveals a positive sign as the MACD line has crossed above the signal line, indicating a growing bullish momentum.
Moreover, the RSI is around 56.89, suggesting that PNUT is still in a comfortable zone and not yet overbought. These technical signals point towards the potential for further gains, especially if investors respond positively to the breakout retest.
Whale Activity: Major Investors Support PNUT
Analysis of on-chain data shows a significant interest from whales in PNUT, with the largest holder having control over approximately 27 million tokens valued at more than $51 million, according to Lookonchain analytics.
This prominent trader has been actively involved in 39 token trades, with PNUT emerging as a particularly successful investment.
The substantial stake held by this whale signifies a strong belief in PNUT’s potential, as significant holdings by influential investors often contribute to the stability of a token.
Hence, ongoing involvement from whales could provide further support to PNUT’s upward journey, creating a conducive environment for more profits.
Social Dominance: Minor Decline or Shift in Focus?
The social dominance has dropped from 1.8% to 1.19%, indicating a potential decrease in retail interest.
However, this decline might be temporary, as a confirmed breakout could swiftly reignite social attention. A lower social dominance could imply that traders are closely monitoring the retest before making significant commitments.
Therefore, a strong surge post the retest could rekindle interest and elevate social metrics, further propelling the momentum.
Liquidations: Balance between Longs and Shorts
Recent data on liquidations shows a near equilibrium between long and short positions, with $2.95 million in longs and $2.78 million in shorts. This balanced liquidation landscape suggests that while optimism surrounds PNUT’s price, there is still an air of caution.
If the breakout retest holds, a surge in long liquidations could add momentum to a potential rally, intensifying the upward trajectory.
PNUT Ready for Further Growth
The breakout of PNUT from the triangle pattern, supported by positive technical indicators and strong whale engagement, sets a promising bullish outlook.
Despite a slight dip in social dominance, the robust technical signals and stable liquidation ratio indicate that PNUT is geared up for additional growth. Should the retest hold, PNUT seems well-prepared for a sustained surge in the near future.