TLDRPENGU breaks above key resistance level at $0.035 with clean breakout-retest pattern formingOpen interest surges to $591 million with derivatives volume reaching $4.4 billionToken overtakes TRUMP to become second-largest memecoin on Solana at $2.32 billion market capWhale accumulation increases as large holders add to positions during recent price rallyTechnical indicators show bullish momentum with RSI at 64.04 and positive MACD crossoverPudgy Penguins has broken above the $0.035 resistance level after completing a textbook breakout-retest pattern. The token reclaimed its descending trendline and held support during the retest phase.Price action now targets the $0.038 level as the next resistance zone. The 15-minute chart shows a clean break of the descending trendline that had capped price movement over the previous trading session.Current price sits at $0.036 after stabilizing above the crucial $0.033 support level. Trading volume reached over 38 million tokens in the past 24 hours.The MACD indicator confirms bullish momentum with the main line at 0.00058 crossing above the signal line at 0.00057. Histogram bars remain in positive territory suggesting continued strength.RSI readings show 64.04, well above the neutral 50 level but still below overbought conditions. The indicator shows no bearish divergence patterns.Pudgy PenguinsPENGU PriceDerivatives Activity SurgesOpen interest has climbed to $591 million representing a 34.95% increase. Total derivatives volume jumped 291.97% to reach $4.43 billion according to Coinglass data.The rise in open interest alongside price increases indicates leveraged positions are driving momentum. This pattern typically supports trend continuation when both metrics move higher together.New long and short positions are being opened as traders position for increased volatility. The leveraged exposure adds strength to the current upward movement.Volume-weighted average price (VWAP) matches current market price at $0.036. This indicates the token trades within its average value range without overheating.Market Cap Milestone ReachedPENGU has overtaken TRUMP token to become the second-largest memecoin on Solana blockchain. Market capitalization reached $2.32 billion compared to TRUMP’s $2.30 billion.The milestone comes as technical indicators align with fundamental growth metrics. Capital rotation within Solana’s memecoin sector appears to favor PENGU.Fibonacci extension levels provide key technical targets ahead. The 1.618 extension sits at $0.03846 with higher targets at $0.0450 and $0.0585.Current consolidation around $0.036 suggests the token is gathering momentum for the next leg higher. Volume profile shows thin resistance above current levels.Support levels remain intact at the 0.786 Fibonacci level of $0.03395 and the 0.618 level at $0.03290. These zones provide cushion for any potential pullbacks.The token previously tested the 0.5 Fibonacci level at $0.03142 during its ascent. This trajectory shows well-built structure with volume confirmation at each level.Whale activity data shows increased accumulation since late June. Large holder positions correlate directly with price movements over recent weeks.The accumulation phase began during consolidation periods before the recent breakout above $0.035. Whale behavior suggests deeper conviction behind the current rally.A bull flag pattern has formed following the initial vertical price impulse. The consolidation phase created a downward-sloping channel typical of bull flag formations.Breakout from this pattern aligns with the move above $0.035 resistance. The technical setup provides confirmation for continued upward momentum.Price discovery becomes possible above $0.040 due to limited overhead supply. The volume profile indicates minimal resistance in higher ranges.PENGU maintains bullish structure as long as price holds above the $0.032 Fibonacci region. Below this level, the $0.030 support zone coincides with earlier resistance from this month.Current price holds above $0.036 with volume confirmation and whale accumulation supporting the breakout above key technical levels.The post Pudgy Penguins (PENGU) Price: Bull Flag Pattern, How High Can it Go? appeared first on Blockonomi.