Meme Coin Solana rises: PENGU and SPX6900 prepare to break out as selling pressure eases

The meme coins on the Solana platform, including Pudgy Penguins (PENGU) and SPX6900 (SPX), are sending strong recovery signals. Technical data along with derivative indicators show an increasingly clear reversal trend, as the spot prices and open contracts (OI) of these two coins continue to hold firm at a key support zone — despite the severe fluctuations during the recent correction period.

The open contract of PENGU reinforces the optimistic sentiment

As of the time of writing on Thursday, PENGU – a meme coin on the Solana ecosystem – recorded a slight decrease of 1%, after bouncing back 6.48% in the trading session on Wednesday. Currently, the price is accumulating steadily above the round mark of $0.030, following a significant correction last week.

However, PENGU is facing significant resistance at the Fibonacci 78.6% resistance level at $0.03717. This level is drawn from the peak of $0.070 ( on 17/12) to the bottom of $0.00370 ( on 9/4). If the price can decisively break through this important resistance, it is likely that the bounce back momentum will be triggered, with a target towards the zone of $0.04714 – coinciding with the peak on 6/1.

Technically, the MACD line is sloping down along with the signal line, implying that the downtrend is still prevailing. However, the narrowing red histograms indicate that selling pressure is showing signs of weakening.

The Relative Strength Index ( RSI ) currently stands at 55 on the daily timeframe, oscillating almost sideways above the neutral line – reflecting a relative balance between buying and selling pressure.

PENGU/USDT Daily Chart | Source: TradingViewAccording to data from CoinGlass, the open interest (OI) of PENGU has increased by 10% in the past 24 hours, reaching a level of 407.40 million USD. This move indicates that capital is flowing back, while also reinforcing traders' confidence in the bounce back trend of this coin.

Open contract (OI) of PENGU | Source: CoinGlassHowever, in the event that PENGU fails to break through the $0.03717 mark and turns to decrease, the support zone of $0.02893 – the bottom recorded on July 15 – may be the next target to test.

The reversal in the rising wedge pattern could help SPX6900 explode

Meme coin SPX6900 (SPX) is showing technical strength as it maintains above the (EMA) 50-day exponential moving average at $1.571, following an impressive bounce from the support line in a rising wedge pattern on the daily chart. As of the time of writing, SPX6900 has only decreased slightly by 0.50% in Thursday's session, after recording an increase of nearly 3% the day before.

If SPX6900 can clearly break through the $1,8032 mark – the peak set on January 19 – this coin has the potential to continue its upward trend, heading towards last week's peak at $2,2817.

The current technical bounce back is happening simultaneously with signs of weakness from the bears, as the MACD line is gradually converging with the signal line, while the red histograms continue to narrow – a potential signal for a bullish reversal.

The relative strength index (RSI) on the daily frame currently stands at 49, having just returned to the neutral zone after the bounce back on Sunday, indicating that selling pressure is showing signs of easing.

Daily SPX/USDT chart | Source: TradingViewAccording to data from CoinGlass, the open interest OI( of SPX6900 is stabilizing at 146.73 million USD, after a decline last week along with the spot price. As trader confidence gradually returns, capital flows out of SPX6900 futures and options are also slowing down – supporting the stability of OI.

![])https://img-cdn.gateio.im/social/moments-20dcdc74e52e972986eab96aa18a163f(Open contract )OI( of SPX6900 | Source: CoinGlassHowever, in a negative scenario, if SPX6900 continues to weaken and closes below the support line at $1.50, the downward momentum could extend to the 100-day EMA at $1.3356.

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